Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p5
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 5/9)
Character Range: 1557392–1560018

payable from the contributor's account of the person if the person were to receive a benefit under Part 5 of the SAS Act at the relevant date.
NA is the person's notional accumulation at the relevant date, being:
 (a) for a person who was a holder of a current insurance policy or a contributor to the Provident Fund — the person's notional accumulation determined in accordance with clause 10 of the State Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1990 (NSW); or
 (b) for a person who was a contributor to the Benefits Fund — the person's notional accumulation determined in accordance with clause 17 of that Regulation.
NMSA has the meaning given by subclause (2).
Step 3
Compare the gross values calculated in accordance with steps 1 and 2. The greater of those values is the value of the interest.

 (2) In subclause (1):
NMSA is:
 (a) if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest, the sum of:
 (i) the value of the entitlement of the spouse to the interest immediately before the time when the Division 2.2 requirements were satisfied; and
 (ii) the amount of the adjustment (if any) that STC would make under section 16 of the SAS Act if:
 (A) STC were to pay to the person the balance of his or her contributor's account at the relevant date; and
 (B) the balance of that account had remained equal to the value of the spouse's entitlement in the period commencing at the time when the Division 2.2 requirements were satisfied and ending at the relevant date; or
 (b) if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlement of 2 or more spouses of the person, being entitlements each arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest, the sum of:
 (i) the value of the entitlement of each spouse under the agreement or order immediately before the time when the Division 2.2 requirements were satisfied in respect of that agreement or order; and
 (ii) the amount of the adjustment (if any) that STC would make under section 16 of the SAS Act in respect of the entitlement of each spouse, if:
 (A) STC were to pay to the person the balance of his or her contributor's account had the person applied for payment of a benefit under Part 5 of that Act at the relevant date;