Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_14
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 2004647–2011133

14    An interest, or a component of an interest, that a person:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The formula:
       (a) who has elected to transfer from the revised scheme into the Transport Superannuation Fund; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    DP × F × (PVF + RVF × .6667)
       (b) who is subsequently retrenched and under the operation of subsection 61 (10) of the SS Act elects to receive a deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     where:
      has as a revised scheme member in the superannuation scheme established by the SS Act, consisting of the deferred pension to which the person is entitled under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                DP is the annual amount of the person's deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the 2001 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 the minimum age for retirement'. If the person has already reached the minimum age for retirement or is within 1 month of that age, F is taken to be 1.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the 2001 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 minimum age for retirement as if the references in subclause 2 (2) to 'member spouse's age' are references to 'greater of member spouse's age and the minimum age for retirement at relevant date (in completed years)' and the reference in column 1 of the table in clause 4 to 'Age at relevant date (in completed years)' is a reference to 'Greater of member spouse's age and the minimum age for retirement at relevant date (in completed years)'.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              RVF is the applicable reversion valuation factor set out in clause 7 of Schedule 2 to the 2001 Regulations.