Document ID: chunk:federal_register_of_legislation:F2011C00487:front:0:p14
Version: federal_register_of_legislation:F2011C00487
Segment Type: other
Provision Reference: 
Character Range: 32162–34711

and kind of standard pension, using the formula:

        where:

        Fy is the valuation factor mentioned in Table 1 in Schedule 3 applicable, at the operative time, to the member spouse's gender, age in completed years (represented by y) and kind of pension.

        Fy+1 is the valuation factor mentioned in Table 1 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse's gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

        m is the number of completed months of the member spouse's age, at the operative time, that are not included in the member spouse's age in completed years.
Step 2  If the indexed component takes account of the existence of 1 or more eligible children or partially dependent children, deduct the part of the indexed component that takes account of the existence of the children.
Step 3  Multiply the amount of the indexed component (reduced under step 2 if that step applies) by the pension factor worked out in step 1.
Step 4  Subtract the amount worked out in step 3 in subsection (3) from the amount worked out in step 3.
Step 5  Divide the amount worked out in step 4 by the pension factor worked out in step 1.
Step 6  If step 2 applies, increase the rate worked out in step 5 by the part of the indexed component that was deducted under step 2.

        The result is the annual rate of the indexed component of the standard pension payable after the operative time in respect of the original interest.

 (5) However, if it is not possible to reduce the annual rate of the indexed component of the standard pension using subsection (4), the reduction of the annual rate of the indexed component is to be calculated by an actuary appointed by CSC for this section.

 (6) The amount worked out in step 4 in subsection (3) is then to be used as part of the following calculation:

Step 1  Work out a pension factor (G y+m) based on the member spouse's gender, age and kind of standard pension, using the formula:

        where:

        Gy is the valuation factor mentioned in Table 2 in Schedule 3 applicable, at the operative time, to the member spouse's gender, age in completed years (represented by y) and kind of pension.

        Gy+1 is the valuation factor mentioned in Table 2 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse's gender and age in completed years were one year more than they are at the operative time (represented by y +