Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_69:p3
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 3/17)
Character Range: 1798167–1800528

such corresponding date because the relevant date is 29 February — 1 March; and
 (b) aft,r is:
 (i) if the benefit is payable under section 22 or subsection 23 (3) of the PCS Act to, or in relation to, a person who has been entitled to receive salary as a member for a period of less than 7 years — one seventh of the period (measured in years and fractions of a year) for which the person had been entitled to receive salary as at 1 July immediately after the relevant date; or
 (ii) in any other case — the factor calculated in accordance with the formula:

      where:
LPS0 is the length of the period for which the person has been entitled to receive salary, expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.
t is:
 (a) if the person is less than 70 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or
          (b) if the person is 70 years or more on 30 June after the relevant date — 0; and
 (c) dt is:
 (i) for the financial year immediately after the relevant date — 1.032; or
 (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 of Division 10.4 was a reference to '1 July after the relevant date'.
Step 4
Calculate the sum (V1) of all of the probability weighted employer funded accrued benefits calculated in step 3.
Step 5
Calculate the total benefit (TB) that is payable to the person in accordance with the formula:

 where:
V0 is the amount calculated in step 2.
m is the number of complete months in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of the relevant date.
V1 is the amount calculated in step 4.
Step 6
Calculate the gross value of the interest in accordance with the formula:

where:
TB is the total benefit that is payable to the person, calculated in accordance with step 5.
R is the reduction factor under clause 7.

3 Meaning of st
  For step 1 of the method mentioned in clause 2:
st is:
 (a) for the financial year in which the relevant date occurs — 1; or
 (b) for each year in