Document ID: chunk:federal_register_of_legislation:F2023C01077:front:0:p7
Version: federal_register_of_legislation:F2023C01077
Segment Type: other
Provision Reference: 
Character Range: 15267–17968

first becomes payable, that are not included in the non-member spouse's age in completed years.
         Fy+1 is:

            (a) if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse's gender and age in completed years if the person's age in completed years was one year more than it was at that time; and
            (b) if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse's gender and age in completed years if the person's age in completed years was one year more than it was at the operative time.

         Note   The associate deferred annuity does not include a reversionary component.
Step 4   Divide the transfer amount, as increased in step 2A, by the annuity factor worked out in step 3.

         The result is the annual rate of associate deferred annuity.
Step 5   The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member's retiring allowance and the member's parliamentary allowance. This is also relevant to the non-member spouse's associate deferred annuity.

 (2) However, if it is not possible to work out an annuity factor using step 3 in subsection (1), the annuity factor is to be worked out by an actuary appointed by the Secretary for this section.

2.04 Amount payable if non-member spouse dies before associate deferred annuity becomes payable

  For subsection 22CE (7) of the Act, the amount payable in respect of the death of a non-member spouse is a lump sum equal to the transfer amount, increased in the way described in step 2A in subsection 2.03 (1) if an associate deferred annuity had become payable at the date of death.

2.05 Commutation of small associate annuity — maximum amount

 (1) For paragraph 22CF (1) (a) of the Act, the amount is $1 300.

 (2) For paragraph 22CF (1) (b) of the Act, the amount is $1 300.

 (3) An amount mentioned in subsection (1) or (2) is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member's retiring allowance and the member's parliamentary allowance. This is also relevant