Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p105
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 105/106)
Character Range: 394895–398126

becomes payable before 1 July.

PART 9 — PENSION PAYMENTS
Note: Where a former member had transferred an amount into the PSS scheme, an additional pension under Division 3 of Part 11 may be payable to, or in respect of, the former member.
Division 1

Payment of former member and reversionary pensions
9.1.1              Pensions (but not partial invalidity pensions) under these Rules are paid in fortnightly instalments on the Thursday which fell on 12 July 1990 and on each succeeding alternate Thursday.

Payment of partial invalidity pensions
9.1.2              Partial invalidity pensions payable under these Rules (see Part 10, Division 5) are paid in fortnightly instalments on contribution days, that is, on the Thursday which fell on 5 July 1990 and on each succeeding alternate Thursday.
9.1.3              CSC may make arrangements with designated employers for them to pay partial invalidity pension payments on its behalf.  If CSC and a designated employer agreed  under Rule 4.1.7 to substitute other days for contribution days for the payment of contributions by or on behalf of the member, instalments of partial invalidity pension may be paid on those substituted days at the appropriate amount having regard to the period between the substituted days.

Fortnightly instalments of pension
9.1.4              A fortnightly instalment of pension is one twenty‑sixth of the annual pension.

Division 2

Calculating age, involuntary and sale or transfer retirement pensions
9.2.1              A member who retires, other than on invalidity retirement before age 60, can choose a Reduced Pension in favour of higher reversionary benefits payable on his/her death.  A choice must be made within the period commencing three months before the member's last day of membership and ending three months after the member's last day of membership, or such further period as CSC allows.

9.2.2              The annual pension payable on the retirement of a member, other than invalidity retirement before age 60, is calculated in accordance with the formula:

where:

                  Pension Accrual is the member's final benefit accrual, or the proportion of the final benefit accrual that he/she chooses to convert to pension in accordance with Part 6 of these rules;

                  Pension Conversion Factor is determined from the following Table according to the member's age in years and days on his/her last day of membership:

Table — Pension Conversion Factors

Age                                 Factor  Ages Less Than 55
                                             The Factors for ages less than 55 are 12.0 increased by 0.2 for
                                             each whole year the age is less than 55
                                            Ages More Than 65
                                             The Factors for ages more than 65 are 10.0 decreased by 0.2 for
                                             each whole year the age is more than 65
                                            Age Not In Whole Years
                                             Where age is not in whole years, the Factor is calculated in
                                             accordance with the