Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_13:p1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 1/2)
Character Range: 2162028–2171264

13                                                                                                                                The component of an interest that a person, who prior to the introduction of the Portability Act has been retrenched and elected to be entitled to deferred retirement benefits under section 38 of the SERB Act, has as a member of the superannuation scheme established by the SERB Act, being the component consisting of the deferred pension.                                                                                                                                                                                                                                                                                                                                                                                            The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DP × F × (PVF + RVF × .6667)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under subsection 3 (1) of the Superannuation Benefits Act 1977 (Vic) for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until the person attains the age 55'. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to 'member spouse's age' are references to 'greater of member spouse's age at relevant date (in completed years) and age 55' and the reference in column 1 of the table in clause 4 to 'Age at
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 relevant date (in completed years)' is a reference to 'Greater of member spouse's age at relevant date (in completed years) and age 55'.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 RVF is the applicable reversion valuation factor set out in clause 7 of Schedule 2 to the Regulations.

Part 4 Benefits provided under the Superannuation Benefits Act 1977 (Vic)

1 Methods and factors for interests of deferred beneficiaries under Superannuation Benefits Act 1977 (Vic)
  For a component of an interest that is in the growth phase under the Superannuation Benefits Act 1977 (Vic) mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this approval.

Item  Interest in the growth phase                                                                                                                                                                                                                                                                                             Method or