Document ID: chunk:federal_register_of_legislation:F2011C00487:reg:3
Version: federal_register_of_legislation:F2011C00487
Segment Type: reg
Provision Reference: reg 3
Character Range: 61904–70455

3                                                                                                                                               An interest that a person has in the CSS if:                                                                                                                                            ABC + ASC + PCI + (ABC × 2.5 × DFy+m) − ERDA
                                                                                                                                                 (a) the person has, on ceasing to be an eligible employee, made an election under section 137 of the Act to have Division 3 of Part IX of the Act apply to him or her; and

                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        ABC is:
                                                                                                                                                                                                                                                                                                                                         (a) the person's accumulated basic contributions as those contributions would be calculated if the deferred benefits had become payable at the operative time; or
                                                                                                                                                 (b) deferred benefits have yet to become payable to the person under subsection 138 (2) of the Act;                                                                                     (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (a) of the Act.
                                                                                                                                                except if a transfer value has been paid by or in respect of the person under the 1922 Act or the Act.
                                                                                                                                                                                                                                                                                                                                        ASC is:
                                                                                                                                                                                                                                                                                                                                         (a) the sum of the following amounts, as those amounts would be calculated if the deferred benefits had become payable at the operative time:
                                                                                                                                                                                                                                                                                                                                         (i) the person's accumulated supplementary contributions;
                                                                                                                                                                                                                                                                                                                                         (ii) the amount of any benefit payable in respect of the person under section 110SN or 130D of the Act; or
                                                                                                                                                                                                                                                                                                                                         (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (b), (d) or (e) of the Act, as applicable.
                                                                                                                                                                                                                                                                                                                                        PCI is:
                                                                                                                                                                                                                                                                                                                                         (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if the deferred benefits had become payable at the operative time; or
                                                                                                                                                                                                                                                                                                                                         (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a) reduced in accordance with paragraph 146ME (2) (c) of the Act.

                                                                                                                                                                                                                                                                                                                                        DFy+m is the factor calculated by:

                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        DFy is the valuation factor for the person's gender mentioned in Table 5 in this Schedule that applies at the person's age in completed years at the operative time.

                                                                                                                                                                                                                                                                                                                                        m has the meaning given in item 1.

                                                                                                                                                                                                                                                                                                                                        DFy+1 is the valuation factor for the person's gender mentioned in Table 5 in this Schedule that would apply to the person if the person's age in completed years were one year more than it is at the operative time.

                                                                                                                                                                                                                                                                                                                                        ERDA has the meaning given in item 1.