Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_7
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 1958327–1964790

7     An interest, or a component of an interest, that a person who has become an exempt officer has as a revised scheme member in the superannuation scheme established by the SS Act, consisting of the deferred pension that the person is entitled to receive under subsection 61A (1) of the SS Act.                                                                                                                                                                                                                                                                                                                                                                                     The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              DP × F × (PVF + RVF × .6667)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              DP is the annual amount of the person's deferred pension under subsection 61A (1) 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.