Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p6
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 6/26)
Character Range: 1644064–1646572

whichever of subparagraphs (i), (ii), (iii) and (iv) is applicable:
 (i) if the length of the person's service at the relevant date is less than 1 complete year and the date '29 February' occurs in the period of 12 months commencing on the date on which the person commenced service — 366;
 (ii) if the length of the person's service at the relevant date is more than 1 complete year and the date '29 February' occurs in the period of 12 months commencing on the person's most recent anniversary date in the financial year preceding the relevant date — 366;
 (iii) if the length of the person's service at the relevant date is more than 1 complete year and the person's most recent anniversary date in the financial year preceding the relevant date is taken to be '1 March' under subclause (4) — 365;
 (iv) in any other case — 365.
 (4) If a person's anniversary date is '29 February', the person's most recent anniversary date is taken to be '1 March' in a year that is not a leap year.
 (5) In this clause:
anniversary date means the anniversary of the date on which a person commenced service.

6 Valuation of benefit (Bt,r)
 (1) For step 1 of the method set out in clause 2 and subject to subclause (2):
Bt,r is the value of the benefit (including any lump sum payments or pension payments) in the calculation year that:
 (a) would be payable to the person for any of the reasons mentioned in subclause 8 (1); and
 (b) applies the assumptions set out in clause 10; and
 (c) takes into account the amount of reduction of the benefit (if any) determined by STC under subsection 61RA (1) of the NSW Superannuation Act in accordance with section 61RD of that Act; and
 (d) assumes, for the purpose of calculating the amount of that reduction, that L in subsection 61RD (7) of the NSW Superannuation Act is 0.15; and
 (e) disregards the amount of adjustment (if any) that STC would determine under subsection 61RA (1A) of the NSW Superannuation Act in respect of the superannuation contributions surcharge.
 (2) For subclause (1), the value of the benefit is taken to be whichever of the following is applicable:
 (a) if the benefit is payable as an immediate lump sum only — the amount of the lump sum;
 (b) if the benefit is payable as a pension that is immediately payable in the calculation year — the value of the benefit calculated in accordance with the formula set out in subclause (3);
 (c) if the benefit is payable under Division 3A of Part 4 of the NSW Superannuation Act after the person resigned