Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_7
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 2447147–2452403

7     An interest that a person has as a new scheme contributor in the SAS Fund who has preserved his or her accrued superannuation benefits under section 28 of the 1988 Act.                                                                                                                                   where:
                                                                                                                                                                                                                                                                                                                 C is the amount standing to the credit of the person's contribution account under section 20A of the 1988 Act.
                                                                                                                                                                                                                                                                                                                 AS is the annual or attributed salary of the person at the age of resignation, adjusted with movements in the Consumer Price Index after that date.
                                                                                                                                                                                                                                                                                                                 AP is the lesser of 420 (or 360 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia)) and the contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person.
                                                                                                                                                                                                                                                                                                                 BH is 1.36 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia) and 1 for all other members.
                                                                                                                                                                                                                                                                                                                 M92 is the number of months of the person's contribution period, within the meaning of the 1988 Act, occurring after 30 June 1992 and before the relevant date.
                                                                                                                                                                                                                                                                                                                 Pn is the person's part time proportion as determined in accordance with the definition of that term in paragraph 27 (2) (b) of the 1988 Act.
                                                                                                                                                                                                                                                                                                                 Fy+m is the factor calculated by:

                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                 Fy is the valuation factor mentioned in an item in Table 4 in this Part that applies at the person's age in completed years.
                                                                                                                                                                                                                                                                                                                 m is the number of complete months between the person's last birthday before the relevant date and that date.

Division 1.3 Interests in the payment phase

3 Methods and factors for interests of new scheme members in SAS Fund
  For an interest that is in the payment phase in the SAS Fund mentioned in an item in the following table, the method or factor mentioned in that item is approved for section 5 of this instrument.

Item  Interest in the payment phase                                                                                                                                                                                                                       Method or factor