Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 2627611–2630373

1     An interest that a person has as a Part 1 Member of the Victorian Racing Industry Superannuation Fund.  AB + DB
                                                                                                              where:
                                                                                                              AB is the value of the person's accumulation benefit, being the sum of:
                                                                                                               (a) the person's Basic Own Contributions, within the meaning of rule 1.3 of the Rules, accumulated at the Determined Rate to the relevant date; and
                                                                                                               (b) any Supplementary Own Contributions, within the meaning of rule 1.4 of the Rules, that the person has made, accumulated at the Determined Rate to the relevant date; and
                                                                                                               (c) any Employer's Contributions, within the meaning of clause 2.8 of the Trust Deed, made under paragraph 1.5 (c) of the Rules in respect of the person since he or she has attained age 65 to provide the Minimum SG Benefit, within the meaning of clause 2.8 of the Trust Deed, accumulated at the Determined Rate to the relevant date.
                                                                                                              DB is the gross value of the component of the interest that is a defined benefit interest within the meaning of the Regulations, determined in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, modified as follows:
                                                                                                              fy is the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations that applies at the relevant date to the number of complete years until the member spouse turns 60, on the assumption that the heading of the first column of the Table in that clause reads 'Number of complete years until the member spouse turns 60'.
                                                                                                              fy+1 is the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations that applies at the relevant date if the number of complete years until the member spouse turns 60 were one year more than the actual number of complete years until the member spouse turns that age, on the assumption that the heading of the first column of the Table in that clause reads 'Number of complete years until the member spouse turns 60'.