Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_69:p17
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 17/17)
Character Range: 1829619–1832753

under subsection 25 (2) of the PCS Act.

Method
where:
PVls is the value of a member's entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum at the end of the minimum deferral period, calculated in accordance with the formula:
    where:
    P has the meaning given by clause 12.
    Py+m has the meaning given by clause 12.
    UPy+m has the meaning given by clause 13.
    Dy+m has the meaning given by clause 12.
    R has the meaning given by clause 12.
    Ry+m has the meaning given by clause 12.
PVp is the value of the person's pension entitlements calculated in accordance with the formula:
  where:
  P has the meaning given by clause 12.
  Py+m has the meaning given by clause 12.
  Dy+m has the meaning given by clause 12.
  R has the meaning given by clause 12.
  Ry+m has the meaning given by clause 12.

Division 10.4 Factors and probabilities

       Table 1 Discount factors

Note   Step 3 of the method mentioned in clause 2 modifies the discount factor that applies to a calculation year by replacing the reference to '1 July in the financial year in which the relevant date occurs' in the heading of column 1 of the following table with a reference to '1 July after the relevant date'.
Number of years in the period commencing 1 July in the financial year in which the relevant date occurs and ending on 1 July in the year for which the calculation is being made  Discount factor (dt)
 1                                                                                                                                                                                1.099
 2                                                                                                                                                                                1.171
 3                                                                                                                                                                                1.247
 4                                                                                                                                                                                1.328
 5                                                                                                                                                                                1.414
 6                                                                                                                                                                                1.506
 7                                                                                                                                                                                1.604
 8                                                                                                                                                                                1.708
 9                                                                                                                                                                                1.819