Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_2
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 2484510–2487280

2     An interest that a person has as a Member of the SA Local Government Superannuation Scheme:                                                                                                  AB + DB
       (a) whose Service was terminated before his or her 55th birthday; and                                                                                                                       where:
       (b) who is entitled to a benefit payable under sub‑sub‑subparagraph 43 (a) (ii) (B) (4) of Sub‑division C of the Rules.                                                                     AB is the value of the accumulation benefit, being any benefit retained by the person in the Fund under rule 58 of Sub‑division C of the Rules.
                                                                                                                                                                                                   DB is the value of the defined benefit calculated in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, except that:
                                                                                                                                                                                                    (a) the definition of A, in subclause 3 (1) of Schedule 2, is substituted by the words 'A is the preserved benefit under sub‑sub‑subparagraph  43 (a) (ii) (B) (4) of Sub‑division C of the Rules at the relevant date.'; and
                                                                                                                                                                                                    (b) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that applies at the relevant date to the person's age in complete years; and
                                                                                                                                                                                                    (c) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that would apply if the person's age were one year more than the person's age at the relevant date.

Table 1 Lump sum valuation factors

Item  Age at relevant date  Active Members  Preserved Members
      (in complete years)