Document ID: chunk:federal_register_of_legislation:F2023C01077:reg:3:p2
Version: federal_register_of_legislation:F2023C01077
Segment Type: reg
Provision Reference: reg 3 (pt 2/2)
Character Range: 73400–88417

a 10 year term that is applicable to the financial year in which the first period occurs, and divide the result by 365.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Round the result to 3 decimal places.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   The result is the applicable Treasury bond rate for the first period.
                                                                                                                                                                                                                 Step 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Full financial years (if any)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Use this step if a full financial year occurs immediately after the end of the first period and before the operative time. This is the second period.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Identify the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Round the result to 3 decimal places.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   The result is the applicable Treasury bond rate for the second period.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Repeat this arrangement for each full financial year after the second period.
                                                                                                                                                                                                                 Step 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Final period (if any)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Use this step if:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (a) there is any period between the end of a financial year and the operative time; and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (b) neither step 2 nor step 3 covers that period.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   This is the final period.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Multiply the number of days in the final period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the final period occurs, and divide the result by 365.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Round the result to 3 decimal places.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   The result is the applicable Treasury bond rate for the final period.

3 Methods and factors for interests of members in the Scheme — payment phase

  For an interest that is in the payment phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for these Orders.

Item  Interest in the payment phase                                                                                                                  Method or factor