Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p12
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 12/26)
Character Range: 1657918–1660455

under subsection 52A (2) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at the relevant date.
PF1y+m has the meaning given by subclause 12 (1).
P2 is the amount of fortnightly pension that would be calculated under subsection 52A (3) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at the relevant date.
PF2y+m has the meaning given by subclause 12 (2).
R is the reduction factor under clause 13.

12 Definitions of PF1y+m and PF2y+m
 (1) In clause 11 and, unless expressly modified, in any other provision in this Subdivision:
PF1y+m is the pension valuation factor calculated in accordance with the formula:
where:
PF1y is the person's P1 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:
 (a) the person's gender; and
 (b) the person's age in completed years at the relevant date.
m is the number of complete months of the person's age that are not included in the person's age in completed years at the relevant date.
PF1y+1 is the person's P1 pension valuation factor mentioned in Table 5 of Division 8.4 that would apply if the person's age in completed years at the relevant date were 1 year more than it is.
 (2) In clause 11 and, unless expressly modified, in any other provision in this Subdivision:
PF2y+m is the pension valuation factor calculated in accordance with the formula:
where:
PF2y is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:
 (a) the person's gender; and
 (b) the person's age in completed years at the relevant date.
m has the meaning given by subclause (1).
PF2y+1 is the person's P2 pension valuation factor mentioned in Table 5 of Division 8.4 that would apply if the person's age in completed years at the relevant date were 1 year more than it is.

13 Reduction factor
 (1) For clause 11, the reduction factor is:
 (a) if paragraphs (b), (c) and (d) do not apply — 1; or
 (b) if the requirements of Division 2.2 of the Regulations have been satisfied:
 (i) after the date when:
 (A) the person elected under paragraph 20AB (1) (b) of the NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act; or
 (B) the person elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or
 (C) subsection 52IA (1) of the NSW Superannuation Act first applied to the person; or
 (D) the person elected,