Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_98:p17
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 17/26)
Character Range: 1661128–1663596

under subsection 33B (4) of the NSW Superannuation Act at whichever date mentioned in paragraphs (a) to (e) of the definition of P1 applies to the person.

Subdivision 8.2.4 Deferred benefits — Division 3B of Part 4 of the NSW Superannuation Act

15 Method for interest in SS Scheme
  For an interest:
 (a) that is held by:
 (i) a person who has elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or
 (ii) a person who has elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and
 (b) that is in the growth phase in the SS Scheme;
the method set out in the following table is approved for section 5 of this instrument.

Method
where:
LS is the amount of the lump sum benefit (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she applied on the relevant date for payment of the benefit after his or her resignation, retirement or other cessation of employment.
P is the annual rate of pension (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she applied on the relevant date for payment of the pension after his or her resignation, retirement or other cessation of employment.
PFy+m is the factor calculated in accordance with the formula:
  where:
  PFy is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that is applicable, given:
 (a) the person's age in completed years (y) at the relevant date; and
 (b) the person's gender.
  m is the number of complete months of the person's age that are not included in the person's age in completed years at the relevant date.
  PFy+1 is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that would apply if the person's age in completed years at the relevant date were 1 year more than it is.
  R is the reduction factor under clause 16.

16 Reduction factor
 (1) For clause 15, the reduction factor is:
 (a) if paragraphs (b), (c) and (d) do not apply — 1; or
 (b) if the requirements of Part 3 of the Regulations have been satisfied:
 (i) after the date when:
 (A) the person elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B