Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p1
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 1/83)
Character Range: 398786–401874

55                                  12

Reduction Factor is:

                      (i) 1 — if the member does not choose a Reduced Pension under Rule 9.2.1;

                      (ii) 0.93 — if the member chooses a Reduced Pension under Rule 9.2.1.

Calculating invalidity pensions
9.2.3              The annual pension payable on the invalidity retirement of a member before age 60 is calculated by dividing by 11 the amount of either;
    (a) the member's invalidity benefit accrual, or;
         (b) if the member chooses to take his or her accumulated member contributions as a lump sum under Rule 6.5.1, the invalidity benefit accrual less the member's accumulated member contributions.
9.2.4              If the invalidity retirement of a member in receipt of pre‑assessment payments is backdated, CSC may deduct from the arrears of pension due to be paid, the lesser of:
         (a)              the amount of any pre‑assessment payments paid after the first pension payday occurring on or after the date from which the member's invalidity retirement commences; and
         (b)              the amount of pension payable to the date any pre‑assessment payments ceased.
9.2.5              A pension payable on the invalidity retirement of a member before age 60 ceases if he/she again becomes a member.

Calculating preserved benefit pensions
9.2.6              A preserved benefit member who takes all or part of his/her preserved benefit as a pension 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   date the preserved benefit becomes payable and ending three months after the date the   preserved benefit becomes payable, or such further period as CSC allows.

9.2.7              The annual pension payable to a preserved benefit member is calculated in accordance with the formula:

where:

                  Preserved Amount is the amount of preserved benefit which the preserved benefit member chooses to convert to pension under Rule 8.2.1A or 8.2.1B;

Pension Conversion Factor is:

                      (i) a factor determined according to the preserved benefit member's age in years and days on the date the preserved benefit becomes payable, from the Table — Pension Conversion Factors in Rule 9.2.2; or

                      (ii) a factor of 11 if the preserved benefit member has not yet reached age 60, and the preserved benefit becomes payable because of a terminal medical condition, or physical or mental incapacity referred to in Rule 8.1.1.

Reduction Factor is:

                      (i) 1 — if the preserved benefit member does not choose a Reduced Pension under Rule 9.2.6;

                      (ii) 0.93 — if the preserved benefit member chooses a Reduced Pension under Rule 9.2.6.

Division 3

Percentage rate of pension according to relationship(s) and choice of Reduced Pension
9.3.1              The following table is used for the purposes of Rules 9.3.2, 9.3.5 and 9.3.9 to calculate the annual reversionary pension