Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p11
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 11/26)
Character Range: 1655681–1658134

apply:
 (a) the person's salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs;
 (b) a pension (if any) that is included in the benefit will increase by 2.5% each year;
 (c) the person will, in the calculation year, contribute for units of pension that will be taken to be optional units of pension under Part 3 of the NSW Superannuation Act, in accordance with whichever of Tables 6 and 7 of Division 8.4 is applicable, given:
 (i) the date when the person first became a contributor to the SS Scheme; and
 (ii) the person's age in the calculation year; and
 (iii) the person's gender; and
 (iv) if the person is female, the person's contribution rate for retirement at 55 or 60 years (as the case may be);
 (d) if the person:
 (i) would have reached the person's prescribed age in the calculation year; and
 (ii) had retired, died or was retrenched during that year;
  the total amount of any unpaid unit of pension that was required to be paid under subsection 10AH (1) of the NSW Superannuation Act and paragraph (c), was paid in accordance with subsection 10AH (2) of that Act.

Subdivision 8.2.3 Deferred benefits — Division 3A of Part 4 of the NSW Superannuation Act

11 Method for interests in SS Scheme
  For an interest:
 (a) that is held by:
 (i) a person who has elected, under paragraph 20AB (1) (b) of NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act; or
 (ii) a person who has elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or
 (iii) a person to whom subsection 52IA (1) of the NSW Superannuation Act applies; or
 (iv) a person who has elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of the Act; or
 (v) a person who is taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A 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 4 of this instrument.

Method
where:
P1 is the amount of fortnightly pension that would be calculated under subsection 52A (2) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at the relevant date.
PF1y+m has the meaning given by subclause 12