Document ID: chunk:federal_register_of_legislation:F2025L00281:reg:2:p1
Version: federal_register_of_legislation:F2025L00281
Segment Type: reg
Provision Reference: reg 2 (pt 1/3)
Character Range: 793430–798854

2     An interest that a person who has ceased to be a member of either House has in the Scheme as a deferring member under Part VA of the Act, before the day on which the person attains the age of 55 years.  (ABP × Parl. A + AARA – PC) × DPFy+m
                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                 ABP is the person's accrued basic pension multiple at the relevant date calculated, by reference to the person's period of service:
                                                                                                                                                                                                                  (a) by adding:
                                                                                                                                                                                                                  (i) for service that occurred within the first 8 years — 0.0625 × each full year of service plus 0.0625/365 × the number of left‑over days in that period; and
                                                                                                                                                                                                                  (ii) for service that occurred within the next 10 years — 0.025 × each full year of service plus 0.025/365 × the number of left‑over days in that period; and
                                                                                                                                                                                                                  (b) if section 22CD of the Act applies to the interest — by subtracting from the amount calculated under paragraph (a) any interim factors for previous splits (calculated in accordance with subsection 22CH (6) of the Act) that would apply after a retiring allowance becomes payable.
                                                                                                                                                                                                                 Note   ABP will not exceed 0.75.
                                                                                                                                                                                                                 Parl. A is the parliamentary allowance, expressed as an annual amount, payable to a member of either House of the Parliament at the relevant date.
                                                                                                                                                                                                                 AARA is the person's additional retiring allowance, if any, being the lesser of:
                                                                                                                                                                                                                  (a) the sum of the additional retiring allowances accrued at the relevant date by the person for each office the person held as a Minister of State or as an office holder during the person's period of service, calculated, for each office, as the product of:
                                                                                                                                                                                                                  (i) the person's accrued additional retiring allowance multiple — being 0.0625 × the number of years, and any fraction of a year, the person served as a Minister of State or an office holder, as the case may be, during that period, and if section 22CD of the Act applies to the interest, that multiple less the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable; and
                                                                                                                                                                                                                  (ii) the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the relevant date; and
                                                                                                                                                                                                                  (b) whichever of the following applies:
                                                                                                                                                                                                                  (i) if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act does not apply to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to