Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p5
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 5/26)
Character Range: 1641873–1644285

LPSmd is the length of the person's service if he or she remained an employee until maturity age, expressed in years and any fraction of a year; or
 (b) in any other case — the factor calculated in accordance with the formula:
  where:
  LPS0 is the length of the person's service expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.
  t is:
 (a) if the person is less than 65 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or
 (b) if the person is 65 years or more on 30 June after the relevant date — 0.
 (2) For the definition of LPSmd in paragraph (a) of the definition of aft,r in subclause (1):
fraction of a year means the quotient of:
 (a) the number of days, including the day when the person reaches maturity age, that would not be included in the number of complete years of service if the person remained an employee until maturity age; and
 (b) whichever of subparagraphs (i), (ii), (iii) and (iv) is applicable:
 (i) if the length of the person's service at the date when the person will reach maturity age is less than 1 complete year and the date '29 February' occurs in the period of 12 months commencing on the date on which the person commenced service — 366;
 (ii) if the length of the person's service at the date when the person will reach maturity age is more than 1 complete year and the date '29 February' occurs in the period of 12 months commencing on the person's most recent anniversary date before maturity age — 366;
 (iii) if the length of the person's service at the date when the person will reach maturity age is more than 1 complete year and the person's most recent anniversary date before maturity age is taken to be '1 March' under subclause (4) — 365;
 (iv) in any other case — 365.
 (3) For the definition of LPS0 in paragraphs (a) and (b) of the definition of aft,r in subclause (1):
fraction of a year means the quotient of:
 (a) the number of days that are not included in the number of complete years of service; and
 (b) whichever of subparagraphs (i), (ii), (iii) and (iv) is applicable:
 (i) if the length of the person's service at the relevant date is less than 1 complete year and the date '29 February' occurs in the period of 12 months