Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_98:p8
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 8/26)
Character Range: 1640593–1643201

it is.
Pension2t is the amount of fortnightly pension that would be calculated under subsection 52A (3) of the NSW Superannuation Act in respect of the person, if the person was entitled to a pension under section 52C of that Act on 31 December in the calculation year.
PF2y+t+m is the pension valuation factor calculated in accordance with the formula:
  where:
  PF2y+t is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:
 (a) the person's gender; and
 (b) the person's age in completed years on 31 December in the calculation year.
  m has the meaning given above.
  PF2y+t+1 is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that would be applicable if the person's age in completed years on 31 December in the calculation year were 1 year more than it is.

7 Reduction factor
 (1) For step 6 of the method set out in clause 2, the reduction factor is:
 (a) if the requirements of Part 3 of the Regulations have been satisfied in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest — the factor calculated in accordance with the formula set out in subclause (2); or
 (b) if the requirements of Part 3 of the Regulations have been satisfied in respect of the entitlements of 2 or more spouses of the person, being entitlements each arising under a superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with the formula set out in subclause (2) in respect of each entitlement; or
 (c) in any other case — 1.
 (2) For paragraphs (1) (a) and (b), each amount is calculated in accordance with the formula:
1 – NMProp  ESProp
where:
NMProp is the quotient of:
 (a) the value of the spouse's entitlement under the agreement or order immediately before the time when the requirements of Part 3 of the Regulations were satisfied; and
 (b) the gross value of the person's interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 2.
ESProp is calculated in accordance with the formula:
where:
CDs is the total number of days of the person's service as at the date when the requirements of Part 3 of the Regulations were satisfied.
Bs is the number of days of the person's service in the period commencing on 1 July 1988 and ending on the date when the requirements of Part 3 of the Regulations were satisfied.
EFPs is