Document ID: chunk:federal_register_of_legislation:F2015C00404:reg:6:p2
Version: federal_register_of_legislation:F2015C00404
Segment Type: reg
Provision Reference: reg 6 (pt 2/2)
Character Range: 29198–30575

is the amount of benefit (including interest) that has accrued in respect of the member immediately before commencement of the pay period; and
D is the number of days service in the pay period; and
I is:
 (a) if the pay period ends on or before 31 December 2014—the factor specified in the Schedule for the calendar year in which the pay period concludes; or
 (b) if the pay period ends on or after 1 January 2015—the annual interest rate for the calendar year in which the pay period concludes, divided by 100.
Note: Annual interest rate is defined in subclause 3(1).
 (7) Where an amount ascertained in accordance with subclause (2), (3), (4), (5) or (6) includes a fraction of a cent:
 (a) if the fraction is one‑half or greater, the amount is increased by one cent; or
 (b) if the fraction is less than one‑half, the fraction is disregarded.
 (8) In the application of subclauses (5) and (6) in respect of a period of service of the member in a pay period which concludes in the period from and including 1 July 1992 to and including 31 December 1992, the factor in the Schedule for the calendar year 1992 is reduced by 15%.
 (9) For the purposes of this clause, where a member completes 20 years' effective service in a pay period, the member is regarded as being, in relation to that pay period, a member whose total period of effective service is not less than 20 years.