Document ID: chunk:federal_register_of_legislation:F2024C00260:reg:5:p1
Version: federal_register_of_legislation:F2024C00260
Segment Type: reg
Provision Reference: reg 5 (pt 1/2)
Character Range: 31616–36715

5     An interest that a person has in the CSS if:                                                                                                                                         (NIP × Gy+m) + PCI + (P × Fy+m) – ERDA
       (a) the person has made an election under section 110T of the 1976 Act to postpone the payment of his or her retirement benefits; and
       (b) in that election, the person did not also postpone, under subsection 110TA (2) of the 1976 Act, payment of his or her additional age retirement pension; and                    where:
       (c) the person has not made an election under section 64 of the 1976 Act to commute his or her additional age retirement pension; and                                               NIP is the person's annual pension that is fixed in nominal dollars at the relevant date.
       (d) the retirement benefits the person has postponed under section 110T of the 1976 Act have yet to become payable under section 110TB of that Act.                                 Gy+m is the factor calculated by:
                                                                                                                                                                                           where:
                                                                                                                                                                                           Gy is the valuation factor for the person's gender and type of pension mentioned in Table 6 in this Part that applies at the person's age in completed years at the relevant date.
                                                                                                                                                                                           m has the meaning given in item 1.
                                                                                                                                                                                           Gy+1  is the valuation factor for the person's gender and type of pension mentioned in Table 6 in this Part that would apply to the person if the person's age in completed years were one year more than it is at the relevant date.
                                                                                                                                                                                           PCI is:
                                                                                                                                                                                            (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if they had become payable at the relevant date; or
                                                                                                                                                                                            (b) if section 146MB of the 1976 Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (c) of the 1976 Act.
                                                                                                                                                                                           P is the annual pension (taking into account any reduction that may have applied under subsection 146ME (3) of the 1976 Act) to which the person would be entitled under section 110TC of the 1976 Act if he or she had provided a statement in accordance with section 110TB of that Act.
                                                                                                                                                                                           Fy+m is the factor calculated by:
                                                                                                                                                                                           where:
                                                                                                                                                                                           Fy is:
                                                                                                                                                                                            (a) in the case of a person who has made an election under section 110TBA of the 1976 Act — the age pensioner — 85% reversion — valuation factor for the person's gender mentioned in column 4 or 5 of Table 4 in this Part that applies at the person's age in completed years at the relevant date; and
                                                                                                                                                                                            (b) in any other case — the age pensioner — 67% reversion — valuation factor for the person's gender mentioned in column 2 or 3 of Table 4 in this Part that applies at the person's