Document ID: chunk:federal_register_of_legislation:F2023C01077:reg:2:p2
Version: federal_register_of_legislation:F2023C01077
Segment Type: reg
Provision Reference: reg 2 (pt 2/3)
Character Range: 51822–56214

retiring allowance for 1 office only and section 22CD of the Act does not apply to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time;
                                                                                                                                                                                                                  (ii) if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act applies to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time;
                                                                                                                                                                                                                  (iii) if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act does not apply to the interest — 75% of the highest annual salary or annual allowance by way of salary payable in respect of those offices at the operative time;
                                                                                                                                                                                                                  (iv) if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act applies to the interest — 75% of the highest annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of those offices, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time.
                                                                                                                                                                                                                 PC is the annual amount, if any, by which the person's retiring allowance is reduced under subsection 20 (3A) of the Act.
                                                                                                                                                                                                                 DPFy+m is the deferred pension valuation factor calculated in accordance with the following formula:
                                                                                                                                                                                                                 where:

                                                                                                                                                                                                                 DPFy is the deferred pension valuation factor mentioned in Table 55 that applies at the person's age in completed years (y) at the operative time for the person's gender.

                                                                                                                                                                                                                 m is the number of complete months of the person's age at the operative time that are not included in the person's completed years of age.
                                                                                                                                                                                                                 DPFy+1 is the deferred pension valuation factor mentioned in Table 55 that would apply if the person's age in completed years at the operative time were 1 year more