Document ID: chunk:federal_register_of_legislation:F2024C01248:clause:1aa_20
Version: federal_register_of_legislation:F2024C01248
Segment Type: clause
Provision Reference: sch 1AA cl 20
Character Range: 270944–271759

20  Method of working out the increased exit benefit adjustment amount in the formula in subclause 4(2)
  For the purposes of the formula in subclause 4(2):
 (a) for a financial year in which the trustee of the defined benefit fund pays, as a result of an exercise of a discretion, a benefit to the member on:
 (i) voluntary exit; or
 (ii) redundancy that is not bona fide;
  which exceeds the benefit assumed in calculating the new entrant rate for the benefit category to which the member belongs at the time the benefit is paid—the increased exit benefit adjustment amount equals an amount worked out on advice from an actuary that represents the amount of the excess; and
 (b) for any other financial year—the increased exit benefit adjustment amount equals zero.

Part 5—Member has changed benefit category