Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_2:p1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/2)
Character Range: 2056354–2067784

2                                                                                                                                 The interest that a person, who became eligible to be a member of 1 of the schemes listed below and, under paragraph 22A (3) (a) of the SERB Act, elected to cease to contribute in accordance with the provisions of that Act and to be entitled to deferred retirement benefits under paragraph 22A (4) (a) of that Act, has as a member of the superannuation scheme established by the SERB Act.                                                                                                                                                                                                                                                                                                                                           The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS + [DP × F × (PVF + RVF × .6667)]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person's deferred retirement benefit determined under section 6 of the Portability Act at the relevant date to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.
                                                                                                                                  Schemes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        DP is the annual amount of the pension that is part of the person's deferred retirement benefit determined under section
                                                                                                                                  State Superannuation Fund
                                                                                                                                  Transport Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.
                                                                                                                                  Hospitals Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to
                                                                                                                                  Local Authorities Superannuation Fund
                                                                                                                                  Emergency Services Superannuation Fund
                                                                                                                                  State Casual Employees Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until the person attains age 55'.  If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.
                                                                                                                                  Melbourne and Metropolitan Board of Works Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references
                                                                                                                                  Gas and Fuel Corporation of Victoria Superannuation Fund
                                                                                                                                  State Electricity Commission Superannuation Fund
                                                                                                                                  Superannuation Schemes For Australian Universities
                                                                                                                                  Zoological Board of Victoria Superannuation Fund
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 in subclause 2 (2) to 'member spouse's age' are references to 'greater of member spouse's age at relevant date (in completed years) and age 55' and the reference in