Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:95:p2
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 95 (pt 2/32)
Character Range: 996437–999217

is paid in relation to a release authority issued to a person, the benefits to which the person is entitled under this Deed must be reduced to reflect the release authority lump sum, in accordance with the person's election under Rule 17.1.2.

17.1.7 If the election specifies that a pension is to be reduced (but not to zero), the annual rate of the pension is to be reduced so that it equals the amount calculated using the following formula:

where:

Conversion Factor means the factor that is applicable to the person under the determination made by CSC under Rule 17.1.8.

Pre‑Reduction Rate means the annual rate of the pension that would, apart from this section (but having regard to any other provisions of this Deed that affect that rate), be payable to the person on the pension reduction day mentioned in Rule 17.1.9.

Reduced release authority lump sum means the amount of the release authority lump sum, reduced by the sum of each reduction made under a previous application of this section to a benefit to which the person is entitled.

17.1.8 CSC may, by legislative instrument, determine the conversion factors, or the method for working out the conversion factors, for the purposes of Rule 17.1.7.

17.1.9 A reduction under Rule 17.1.7 is to take effect from the day (the pension reduction day) that is:

         (a) if the pension has not started to be paid—the first pension pay day; or
         (b) if the pension has started to be paid—the first pension pay day that occurs 14 days after the release authority was given to CSC.
PART 17A – AMOUNTS PAYABLE TO THE COMMONWEALTH

Division 1

17A.1.1 Where the Minister, following consultation with CSC:
             (a) agrees, on behalf of the Commonwealth, that amounts which become payable to the Commonwealth under paragraph 16(1)(a), paragraph 16(4)(a) and/or subsection 16A(2) of the Superannuation Act 1990 are not due until a later time, and
             (b) gives CSC written notice of this agreement, specifying a time at which amounts become due, or a mechanism for giving reasonable notice of that time,
             then:
             (c) those amounts accumulate with interest in the PSS Fund in accordance with a determination or determinations made by CSC as to the rate and method of allocation of interest, taking into account the after tax‑earnings and/or losses from investment of the amounts, and
             (d) CSC must pay the accumulated interest in relation to those amounts to the Commonwealth from the PSS Fund when those amounts become due.

Division 1

18.1.1 For the purposes of Rule 8.2.1A, a preserved benefit member whose preserved benefit became payable under Rule 8.1.1(a) prior to commencement of Rule 8.2.1A has three months from commencement to make a benefit