Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p18
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 18/26)
Character Range: 1671602–1674264

have been satisfied:
 (i) after the date when:
 (A) the person elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or
 (B) the person elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and
 (ii) in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;
  the factor calculated in accordance with the formula set out in subclause (2); or
 (c) if the requirements of Division 2.2 of the Regulations have been satisfied:
 (i) before the date when:
 (A) the person elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or
 (B) the person elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and
 (ii) in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;
  the factor calculated in accordance with the formula set out in subclause (3); or
 (d) if the requirements of Division 2.2 of the Regulations have been satisfied in relation to the entitlements of 2 or more spouses of the person, being entitlements each arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with whichever of paragraphs (b) and (c) is applicable, in respect of each entitlement.
 (2) For paragraph (1) (b), the factor is calculated in accordance with the formula:
1 – NMProp
where:
NMProp is the quotient of:
 (a) the value of the spouse's entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and
 (b) the gross value of the person's interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 15.
 (3) For paragraph (1) (c), the factor is calculated in accordance with the formula:
1 – NMProp  ESProp
where:
NMProp is the quotient of:
 (a) the value of the spouse's entitlement under the agreement or order immediately before the requirements of Division