Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_60:p1
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 60 (pt 1/3)
Character Range: 1781699–1785446

60   0.000                  1.000

Part 9 NSW State Authorities Non‑contributory Superannuation Scheme

1 Definitions
 (1) In this Part:
eligible service, in relation to an employee, means the eligible service determined to have accrued in relation to the employee in accordance with clause 5 of the SANCS Regulation.
fraction of a year means the quotient of the number of days of the period of service in the year and 365.
SANCS Act means the State Authorities Non‑contributory Superannuation Act 1987 (NSW).
SANCS Regulation means the State Authorities Non‑contributory Superannuation Regulation 2005 (NSW).
SANCS scheme means the superannuation scheme established by the SANCS Act.
 (2) A reference in this Part to the requirements of Part 3 of the Regulations being satisfied does not include a reference to the requirements of that Part being satisfied by making a payment of the kind mentioned in section 36 of the Regulations.
 (3) An expression used in this Part and in the SANCS Act or in a provision of that Act has the same meaning in this Part as it has in the SANCS Act or the provision of that Act.
Note 1   The following expressions are defined in section 3 of the SANCS Act:
 additional employer contributions account
 Commonwealth co‑contribution account
 employee
 STC.
Note 2  Final average salary is defined in section 21 of the SANCS Act.

2 Methods for interests in SANCS scheme
  For an interest that:
 (a) is in the growth phase in the SANCS scheme; and
 (b) is mentioned in an item in the following table;
the method mentioned in the item is approved for section 5 of this instrument.

Item  Interest                                                                                                            Method
 1    An interest held by an employee                                                                                     where:
                                                                                                                          C is the number of years, and any fraction of a year, of eligible service accrued by the person at the relevant date.
                                                                                                                          B is the number of years, and any fraction of a year, of eligible service accrued by the person in the period commencing on 1 July 1988 and ending at the end of the relevant date.
                                                                                                                          FAS is the amount that would have been the person's final average salary if the person had ceased to be an employee at the relevant date.
                                                                                                                          Fy+m is the factor calculated in accordance with the formula:
                                                                                                                          where:
                                                                                                                             Fy is the valuation factor mentioned in Table 1 in this Part that applies, given the person's gender and age in completed years at the relevant date.
                                                                                                                             m is the number of complete months of the person's age that are not included in the person's age in completed years at the relevant date.
                                                                                                                             Fy+1 is the valuation factor mentioned in Table 1 in this Part that would apply to the person if