Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_98:p2
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 2/26)
Character Range: 1627136–1629634

ending at the end of the financial year when the person would turn 65;
 (b) if the person is 65 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for that financial year;
in accordance with the formula:
  where:
  Bt,r has the meaning given by clause 6.
  TPCIt is the total amount of the person's contributions and interest that would be debited against the contributors' reserve, in respect of the person, in accordance with paragraph 33B (2) (a) of the NSW Superannuation Act, if:
 (a) the benefit were to be payable to, or in respect of, the person on 31 December in the calculation year; and
 (b) the following assumptions were to apply to the person's contributions and interest:
         (i) each of the assumptions set out in clause 10;
         (ii) the interest rate that is fixed by STC, under subsection 8 (1) of the NSW Superannuation Act, for each year commencing on 1 July in the financial year in which the relevant date occurs is 6.5%.
  st has the meaning given by clause 3.
  pt,r has the meaning given by clause 4.
  aft,r has the meaning given by clause 5.
  dt is:
 (a) in respect of the financial year in which the relevant date occurs — 1.032; and
 (b) in any other case — the discount factor mentioned in Table 1 of Division 8.4 that is applicable to the calculation year.
Step 2
Calculate the sum (V0) of all of the probability weighted employer funded accrued benefits worked out in step 1
Step 3
Applying the assumptions set out in clause 9, repeat step 1 for each calculation year commencing on 1 July after the relevant date, modified so that:
 (a) the relevant date referred to in paragraph (b) of the definition of st is:
 (i) the date corresponding to the relevant date in the financial year following the financial year in which the relevant date occurs; or
 (ii) if there is no such corresponding date because the relevant date is 29 February — 1 March; and
 (b) LPS0 referred to in the definition of aft,r is, if applicable, the length of the person's service as at 1 July immediately after the relevant date; and
 (c) dt is:
 (i) in respect of the financial year immediately after the relevant date — 1.032; and
 (ii) in any other case — the discount factor that would apply to the calculation year if the reference to '1 July in the financial year in which the relevant date occurs' in the heading of column 1 in Table 1 in Division 8.4 was a reference to '1 July after the relevant date'.
Step 4
Calculate