Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 2612784–2615841

1     An interest that a person has, as a 'Category I' member of the UniSuper fund, to an entitlement to a deferred pension under clause 37.3 of the Deed, or a partial deferred pension under clause 37.4 of the Deed.  DP × F × ( PVF + RVF × .625 )
                                                                                                                                                                                                                         where:
                                                                                                                                                                                                                         DP is the annual amount of the person's deferred pension or partial deferred pension at the relevant date.
                                                                                                                                                                                                                         F is the applicable discount factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the Table in clause 4 of Schedule 6 to those Regulations as if the references to 'minimum deferral period for lump sum' in subclause 3 (3) and clause 4 of Schedule 6 to the Regulations were references to 'period until the person attains the minimum retirement age'. If the person has already reached the minimum retirement age or is within 1 month of that age, F is taken to be 1.
                                                                                                                                                                                                                         PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors mentioned in clause 7 of Schedule 2 to the Regulations as if the references to 'member spouse's age' in subclause 2 (2) of Schedule 4 to the Regulations and 'member's retirement age' in clause 7 of Schedule 2 to the Regulations were references to 'greater of member spouse's current age and the minimum retirement age'.
                                                                                                                                                                                                                         RVF is the applicable reversion valuation factor mentioned in clause 7 of Schedule 2 to the Regulations.

Division 105.3 Interests in the payment phase

3 Methods and factors for interests of the UniSuper fund
  For an interest that is in the payment phase in the UniSuper fund mentioned in an item in the following table, the method or factor mentioned in that item is approved for section 4 of this approval.
Item  Interest in the payment phase                                                                                                                     Method or factor