Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_1:p1
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/2)
Character Range: 2161019–2165821

1     The component of an interest that a person, who became eligible to a deferred pension under subsection 3 (1) of the Superannuation Benefits Act 1977 (Vic), has under subsection 3 (1) or section 4 of that Act being the component consisting of the deferred pension under subsection 3 (1) or section 4 of that Act.  The formula:
                                                                                                                                                                                                                                                                                                                               DP × F × (PVF + RVF × .6667)
                                                                                                                                                                                                                                                                                                                               where:
                                                                                                                                                                                                                                                                                                                               DP is the annual amount of the pension that is the person's deferred retirement benefit determined under subsection 3 (1) or section 4 of the Superannuation Benefits Act 1977 (Vic) at the relevant date adjusted as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act or the Superannuation Benefits Act 1977 (Vic).
                                                                                                                                                                                                                                                                                                                               F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the 2001 Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those 2001 Regulations as if the
                                                                                                                                                                                                                                                                                                                               references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until person attains the minimum age for retirement'. If the person has already reached the minimum age for retirement or is within 1 month of that age, F is taken to be 1.
                                                                                                                                                                                                                                                                                                                               PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the 2001 Regulations and using the factors set out in clause 4 of Schedule 4 to those 2001 Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to 'member spouse's age' are references to 'greater of member spouse's age and the minimum age for retirement at relevant date (in completed years)' and the reference in column 1 of the table in clause 4 to 'Age at relevant date (in completed years)' is a reference to 'Greater of member spouse's age and the minimum age for retirement at relevant date (in completed years)'.
                                                                                                                                                                                                                                                                                                                               RVF is the applicable reversion valuation factor set out in clause 7 of Schedule 2 to the 2001 Regulations.

Part 5 Benefits provided under Transport Superannuation Act 1989 (Vic)
Division 5.1 Definitions

1 Definitions
  In this Part:
Portability Act means the Superannuation (Portability) Act 1989 (Vic).
SS Act means the State Superannuation Act 1988 (Vic).
TS Act means the Transport Superannuation Act 1989 (Vic).
Division 5.2 Interests in the growth phase

2 Methods and factors