Document ID: chunk:federal_register_of_legislation:F2011C00487:reg:5:p1
Version: federal_register_of_legislation:F2011C00487
Segment Type: reg
Provision Reference: reg 5 (pt 1/2)
Character Range: 79852–86971

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 Act to postpone the payment of his or her retirement benefits; and
                                                                                                                                                                                                                                                                                                                                        where:
                                                                                                                                                                                                                                                                                                                                        NIP is the person's annual pension that is fixed in nominal dollars at the operative time.
                                                                                                                                                                                                                                                                                                                                        Gy+m is the factor calculated by:

                                                                                                                                                 (b) in that election, in that election,the person did not also postpone, under subsection 110TA (2) of the Act, payment of his or her additional age retirement pension; and           where:

                                                                                                                                                                                                                                                                                                                                        Gy is the valuation factor for the person's gender and type of pension mentioned in Table 6 in this Schedule that applies at the person's age in completed years at the operative time.

                                                                                                                                                                                                                                                                                                                                        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 Schedule that would apply to the person if the person's age in completed years were one year more than it is at the operative time.
 (c) the person has not made an election under section 64 of the Act to commute his or her additional age retirement pension; and               PCI is:
 (d) the retirement benefits the person has postponed under section 110T of the Act have yet to become payable under section 110TB of the Act.   (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if they had become payable at the operative time; or
                                                                                                                                                 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (c) of the Act.
                                                                                                                                                                                                                                                                                                                                        P is the annual pension (taking into account any reduction that may have applied under subsection 146ME (3) of the Act) to which the person would be entitled under section 110TC of the Act if he or she had provided a statement in accordance with section 110TB of the 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 Act — the age pensioner — 85% reversion — valuation factor for the person's gender mentioned in column 4 or 5 of Table 4 in this Schedule that applies at the person's age in completed years at the operative time; 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 Schedule that applies at the person's age in completed years at the operative