Document ID: chunk:federal_register_of_legislation:F2023C01077:reg:1:p1
Version: federal_register_of_legislation:F2023C01077
Segment Type: reg
Provision Reference: reg 1 (pt 1/4)
Character Range: 29832–35611

1     An interest that a person who is a member of either House has in the Scheme.                                                                                                                               (ABP × Parl. A + AARA – PC) × PFy+m,s + LS × LSFy+m,s

                                                                                                                                                                                                                 where:

                                                                                                                                                                                                                 ABP is the person's accrued basic pension multiple at the operative time calculated, by reference to the person's period of service:
                                                                                                                                                                                                                  (a) by adding:
                                                                                                                                                                                                                  (i) for service that occurred within the first 8 years — 0.0625 × each full year of service plus 0.0625/365 × the number of left-over days in that period; and
                                                                                                                                                                                                                  (ii) for service that occurred within the next 10 years — 0.025 × each full year of service plus 0.025/365 × the number of left‑over days in that period; and
                                                                                                                                                                                                                  (b) if section 22CD of the Act applies to the interest — by subtracting from the amount calculated under paragraph (a) any interim factors for previous splits (calculated in accordance with subsection 22CH (6) of the Act) that would apply after a retiring allowance becomes payable.

                                                                                                                                                                                                                 Note   ABP will not exceed 0.75.
                                                                                                                                                                                                                 Parl. A is the parliamentary allowance of the person, expressed as an annual amount, at the operative time.
                                                                                                                                                                                                                 AARA is the person's additional retiring allowance, if any, being the lesser of:
                                                                                                                                                                                                                  (a) the sum of the additional retiring allowances accrued at the operative time by the person for each office the person held as a Minister of State or as an office holder during the person's period of service, calculated, for each office, as the product of:
                                                                                                                                                                                                                  (i) the person's accrued additional retiring allowance multiple — being 0.0625 × the number of years, and any fraction of a year, the person served as a Minister of State or an office holder, as the case may be, during that period, and if section 22CD of the Act applies to the interest, that multiple less the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable; and
                                                                                                                                                                                                                  (ii) the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time; and
                                                                                                                                                                                                                  (b) whichever of the following applies:
                                                                                                                                                                                                                  (i) if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act does not apply to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time;
                                                                                                                                                                                                                  (ii) if the person has accrued additional retiring allowance for 1 office