Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_3:p1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/2)
Character Range: 2068919–2077971

3                                                                                                                                 The component of an interest that a person, who became eligible to be a member of 1 of the schemes listed below and who, after electing under paragraph 22A (3) (a) of the SERB Act to cease to contribute in accordance with the provisions of that Act and to be entitled to deferred retirement benefits under paragraph 22A (4) (a) of that Act terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death, has as a member of the superannuation scheme established by the SERB Act, being the component consisting of a deferred lump sum benefit and the deferred pension benefit that the person has elected to receive under paragraph 22A (4) (a) of the SS Act.  The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS + [DP × F × (PVF + RVF × .6667)]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person's deferred retirement benefit determined under paragraph 7 (7) (b) of the Portability Act at the relevant date to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DP is the annual amount of the pension that is part of the person's deferred retirement benefit determined under section 6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to
                                                                                                                                  Schemes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until the person attains age 55'. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.
                                                                                                                                  State Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to 'member spouse's
                                                                                                                                  Transport Superannuation Fund
                                                                                                                                  Hospitals Superannuation Fund
                                                                                                                                  Local Authorities Superannuation Fund
                                                                                                                                  Emergency Services Superannuation Fund