Document ID: chunk:federal_register_of_legislation:F2025L00281:reg:3
Version: federal_register_of_legislation:F2025L00281
Segment Type: reg
Provision Reference: reg 3
Character Range: 450507–454918

3     An interest that a person (other than a person who is a recipient member within the meaning of the Determination) has in the productivity benefit scheme if:                      PC + SG × SGFy+m,s
       (a) the person is a contributing member; and                                                                                                                                     where:
       (b) the person is aged less than 55 years; and                                                                                                                                   PC is the person's accumulated productivity contributions at the relevant date, being the sum of:
       (c) the person's total period of effective service, if he or she continued to be a contributing member until the age of 55 years, would be at least 20 years.                     (a) for each pay period ending after 31 December 1987 for which the person was entitled to receive pay for effective service (within the meaning given by subclause 3 (1) of the Determination) occurring after that day, 3% of the pay for that period, calculated in accordance with the person's annual rate of pay (within the meaning given by subclause 3 (1) of the Determination), that the person was entitled to receive for effective service for that period; and
                                                                                                                                                                                         (b) the interest, if any, that would have been credited to the person on account of that amount under subclauses 8 (4) and (5), 8A (4) and (5) and 8AA (5) and (6) of the Determination if that amount had been an amount of productivity benefit credited to the person.
                                                                                                                                                                                        SG is the person's superannuation guarantee top up amount (if any) at the relevant date, being the difference between:
                                                                                                                                                                                         (a) the productivity superannuation benefit that would have been payable for the person if he or she had resigned at the relevant date and CSC had determined under subclause 3A (1) of the Determination that the surcharge deduction amount was zero; and
                                                                                                                                                                                         (b) the person's accumulated productivity contributions worked out above.
                                                                                                                                                                                        SGFy+m,s is the factor calculated in accordance with the following formula:
                                                                                                                                                                                        where:
                                                                                                                                                                                        SGFy,s is the valuation factor mentioned in whichever of Tables 6A to 6D is applicable that applies to the person having regard to the person's gender, age in completed years, number of complete years in his or her total period of effective service, and whether the person was an officer, at the relevant date.
                                                                                                                                                                                        m is the number of complete months of the person's age that are not included in the completed years of age at the relevant date.
                                                                                                                                                                                        SGFy+1,s is the valuation factor mentioned in whichever of Tables 6A to 6D is applicable that would apply if the person's age in completed years at the relevant date were 1 year more than it is.