Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p66
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 66/106)
Character Range: 292662–295426

in Australia.
5.6.5B For the purposes of Rules 5.6.5 and 5.7.7, the indexation factor for a determination that applies for the 2014‑15 financial year and each later financial year is the greater of:
         (a) 1; or
         (b) the number calculated by the formula below:

     where:

              New AWOTE is the index number of the full‑time adult average weekly ordinary time earnings last published by the Australian Statistician before 1 May of the financial year immediately preceding the financial year that the determination applies to;

              Old AWOTE is the index number of the full‑time adult average weekly ordinary time earnings published by the Australian Statistician and preceding New AWOTE by one year.

                  provided:

         (A) the factor is to be rounded up or down to the nearest one thousandth; and
         (B) any index number that is published by the Australian Statistician in substitution for an earlier published Old AWOTE or New AWOTE index number is to be disregarded for the purposes of this Rule if it is published on or after 1 May of the financial year immediately preceding the financial year that the determination applies to; and
         (C) if the Australian Statistician changes the reference base for the index of full‑time adult average weekly ordinary time earnings, regard shall only be had to index numbers published in terms of the new reference base.

Reduction Multiple to be disregarded in certain cases
5.6.6 In deciding the date on which a person becomes a maximum benefits member, a Reduction Multiple must not be taken into account, however the benefit payable to the person is subject to reduction under Rule 16.4.4.

Special Arrangements for members who are maximum benefits members immediately before 1 January 2008
5.6.7 A member who was a maximum benefits member immediately before 1 January 2008 will cease to be a maximum benefits member from that date.  To avoid doubt, this Rule does not prevent such a member again becoming a maximum benefits member on or after that date under the other provisions of the Rules.
5.6.8 CSC will determine a Former MBL Multiple as at 31 December 2007 in respect of each member who was a maximum benefits member immediately before 1 January 2008.  In making such a determination, CSC will have reference to the maximum benefit applicable to the member under the Rules as at that date.
         Note:  The Former MBL Multiple will crystallise the total benefit of a former maximum benefits member as at 31 December 2007, and will be fixed.  For example, if a member had a Former MBL Multiple of 6 as at 31 December 2007, and then accrues a further On‑going Multiple of 2 during the period from 1 January 2008 to 31 December 2016, their