Document ID: chunk:federal_register_of_legislation:F2024C01248:clause:1a_48:p2
Version: federal_register_of_legislation:F2024C01248
Segment Type: clause
Provision Reference: sch 1A cl 48 (pt 2/3)
Character Range: 250594–253106

a financial year in which the member's accrued retirement benefit increases as a result of:
 (i) a change of benefit category; or
 (ii) an exercise of discretion;
  the category change or discretion adjustment amount equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, as a result of the change in benefit category or the exercise of the discretion; and
 (b) for any other financial year—the category change or discretion adjustment amount equals zero.
 (2) The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.

Part 6—Governing rules have changed

6.1  Method of working out governing rules change adjustment amount in the formula in clause 1.8
 (1) For the purposes of the formula in clause 1.8:
 (a) for a financial year in which there is an amendment of the governing rules (within the meaning of subsection 10(1) of the SIS Act) of the defined benefit fund that:
 (i) may result in an increase in the member's benefit; and
 (ii) is made for a reason other than to satisfy a legislative requirement;
  the governing rules change adjustment amount equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the amendment to the governing rules; and
 (b) for any other financial year—the governing rules change adjustment amount equals zero.
 (2) The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.

Part 7—Non‑arm's length increase in superannuation salary

7.1  Method of working out the increased superannuation salary adjustment amount in the formula in clause 1.8
 (1) For the purposes of the formula in clause 1.8:
 (a) for a financial year in which the member's superannuation salary is increased in a non‑arm's length way with the primary purpose of achieving an increase in superannuation benefit—the increased superannuation salary adjustment amount equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the change in superannuation salary; and
 (b) for any other financial year—the increased superannuation salary adjustment amount equals zero.
 (2) The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.