Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 2482234–2484510

1     An interest that a person has as a Member of the SA Local Government Superannuation Scheme who:                                                                                              AB + DB
       (a) may elect to make Salarylink Contributions to the Fund under the Rules; and                                                                                                             where:
       (b) is entitled to a retirement benefit that is a Salarylink Benefit (other than a benefit that is payable under sub‑sub‑subparagraph 43 (a) (ii) (B) (4) of Sub‑division C of the Rules).  AB is the value of the accumulation benefit, being the balance of the member's accumulation benefit at the relevant date.
                                                                                                                                                                                                   DB is the value of the defined benefit calculated in accordance with the method in clause 3 of Schedule 2 to the Regulations for calculating the gross value, at the relevant date, of a defined benefit interest, except that:
                                                                                                                                                                                                    (a) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that applies at the relevant date to the person's age in complete years; and
                                                                                                                                                                                                    (b) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that would apply if the person's age were one year more than the person's age at the relevant date.