Document ID: chunk:federal_register_of_legislation:F2011C00487:reg:8
Version: federal_register_of_legislation:F2011C00487
Segment Type: reg
Provision Reference: reg 8
Character Range: 98546–105697

8                                                                                                                                               An interest that a person has in the CSS if the person has an entitlement to a delayed updated pension under the Act as modified by Schedule 11 to the Eligible Employees Regulations.  ABC + ASC + PCI + (AP × AS × DUPy+m) − ERDA

                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        ABC has the meaning given in item 7.

                                                                                                                                                                                                                                                                                                                                        ASC has the meaning given in item 7.

                                                                                                                                                                                                                                                                                                                                        PCI has the meaning given in item 5.

                                                                                                                                                                                                                                                                                                                                        AP is:
                                                                                                                                                                                                                                                                                                                                         (a) the accrued pension multiple that applied under section 56 of the Act for the person's period of contributory
                                                                                                                                                                                                                                                                                                                                          service as at the time he or she ceased to be an eligible employee but calculated as if he or she were aged 65 years; or
                                                                                                                                                                                                                                                                                                                                         (b) if section 146MB of the Act applies to the interest — the accrued pension multiple calculated under paragraph (a), less the sum of any reduction factors (within the meaning of subsection 146ME (6) of the Act) that would apply on the person's retirement at age 65.
                                                                                                                                                                                                                                                                                                                                        AS is the final annual rate of salary of the person at the time the person ceased to be an eligible employee, adjusted in accordance with movements in the consumer price index, in accordance with section 144H of the Act as modified by Schedule 11 to the

                                                                                                                                                                                                                                                                                                                                        Eligible Employees Regulations, over the period from that date to the operative time.

                                                                                                                                                                                                                                                                                                                                        DUPy+m is the factor calculated by:

                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        DUPy is the delayed updated pension valuation factor for the person's gender mentioned in Table 7 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.

                                                                                                                                                                                                                                                                                                                                        DUPy+1 is the delayed updated pension valuation factor for the person's gender mentioned in Table 7 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.

                                                                                                                                                                                                                                                                                                                                        ERDA has the meaning given in item 1.