Document ID: chunk:federal_register_of_legislation:C2022C00261:schedule:1
Version: federal_register_of_legislation:C2022C00261
Segment Type: schedule
Provision Reference: sch 1
Character Range: 174434–175892

Schedule 1
(Definition of "final average salary")

1. The final average salary in relation to a person who is or was a member is an amount equal to:
     (a) in the case of a person with less than 3 years' eligible service—an amount calculated in accordance with the formula:

    where:
    "Salary", in relation to the person, means the amount of salary received by the person during his or her service; and
    "Number of days of eligible service", in relation to the person, means the number of days of eligible service of the person; or
     (b) in any other case—one‑third of the amount of salary payable to the person in his or her last 3 years of eligible service.
2. In paragraph 1, any reference to eligible service includes, in the case of a person whose total benefit reached his or her lump sum maximum benefit limit, any period in respect of which the person, in pursuance of rule 5 and by reason only of that rule, did not pay contributions to the Fund.
3. For the purpose of ascertaining the amount of salary payable to a member in his or her last 3 years of service in a case where that service included a period in respect of which the member:
     (a) was in receipt of half‑pay; or
     (b) was not entitled to be paid salary; or
     (c) forfeited his or her salary;
the member is taken to have been in receipt of salary in respect of that period at the fortnightly rate that was applicable to the member immediately before that period.