Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p70
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 70/106)
Character Range: 303121–306115

is the greater of:

         (A) 10 times his/her final average salary; or
         (B) his/her final benefit accrual;
but cannot exceed the lowest Preliminary Maximum Benefit shown in the Table AFP Preliminary Maximum Benefits — Lump Sums in Rule 5.7.1 reduced by the sum of:
         (C) the value of any adjustment payments received, as updated by CSC; and
         (D) the amount of any adjustment payments to be received

Maximum benefits where adjustment payment received — preserved benefit
5.7.6 A maximum benefit in relation to a member who:
         (a) is entitled to his/her preserved benefit and chooses to take all or some of that benefit as a pension; and
         (b) has received, or is entitled to receive, an adjustment payment under the Australian Federal Police Act 1979;

is the lesser of:

         (A) the amount shown opposite the member's average salary in the Table — AFP Preliminary Maximum Benefits — Lump Sums in Rule 5.7.1 (as amended by determination of CSC under Rule 5.7.7 from time to time); or
         (B) the sum of:
             (i) the amount calculated from the Table AFP Preliminary Maximum
             Benefits — Pensions in Rule 5.7.2 (as amended by determination of CSC under Rule 5.7.7 from time to time) according to the member's final average salary; and
             (ii) the member's undeducted contributions as defined in the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997; and

             (iii) the amount calculated using the following formula:

           where:

                               Unfunded Benefit Accrual is the member's unfunded benefit accrual on ceasing membership; and
                               Fraction Converted is the fraction of the member's unfunded preserved benefit converted to pension;

         and

             (iv) 15% of the balance of the member's unfunded benefit accrual (if any) on ceasing membership;
         less the sum of:
             (v) the updated value of any adjustment payments received; and
             (vi) the amount of any adjustment payments to be received.

Changes in the maximum benefits table
5.7.7 CSC will, by determination, amend the dollar amounts shown in the Table Maximum Benefits in Rules 5.7.1 and 5.7.2 with effect from 1 July each year by:
         (a) first, applying an indexation factor, calculated under Rule 5.6.5A or 5.6.5B, whichever is applicable, to the average salary amount;

(b) next, rounding the results in paragraph (a) down to the nearest multiple of $500;

(c) then:

              (i) in relation to the table in Rule 5.7.1, multiplying the results in paragraph (b) by 10 to determine the preliminary maximum benefit quoted as a dollar amount in the first tier of the table; and

              (ii) in relation to the table in Rule 5.7.2, multiplying the results in paragraph (b) by 14 to determine the preliminary maximum benefit  quoted as a dollar amount in the first tier of the table;

         (d) ensuring