Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_98:p5
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 5/9)
Character Range: 1549374–1551970

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 Part 3 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 Part 3 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 Part 3 requirements were satisfied and ending at the relevant date; or
 (b) if the requirements of Part 3 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 Part 3 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;