Document ID: chunk:federal_register_of_legislation:F2025L00281:reg:1
Version: federal_register_of_legislation:F2025L00281
Segment Type: reg
Provision Reference: reg 1
Character Range: 659396–662244

1     An interest that a person has in the MSBS, being a person:                  FDB × FDBFy+m + UDB × UDBFy+m + MB
       (a) who is no longer a member; and                                         where:
       (b) to whom a preserved benefit is applicable.                             FDB is that part of the person's preserved benefit that is the funded employer benefit (if any) at the relevant date.
                                                                                  FDBFy+m is the factor calculated by:
                                                                                  where:
                                                                                  FDBFy is the FDB valuation factor mentioned in Table 1 in this Part that applies at the person's age in completed years having regard to the person's gender, and age in completed years at the relevant date, and whether he or she was an officer at the date of cessation of membership.
                                                                                  m is the number of complete months of the person's age that are not included in the completed years of age at the relevant date.
                                                                                  FDBFy+1 is the FDB valuation factor mentioned in Table 1 in this Part that would apply to the person if the person's age in completed years at the relevant date were one year more than it is.
                                                                                  UDB is the remaining part of the person's preserved benefit (if any) that, under rule 56 of the Rules, increases in accordance with movements in the Consumer Price Index, at the relevant date.
                                                                                  UDBFy+m is the factor calculated by:
                                                                                  where:
                                                                                  UDBFy is the UDB valuation factor mentioned in Table 1 in this Part that applies at the person's age in completed years having regard to the person's gender, and age in completed years at the relevant date, and whether he or she was an officer at the date of cessation of membership.
                                                                                  m has the meaning given above.
                                                                                  UDBFy+1 is the UDB valuation factor mentioned in Table 1 in this Part that would apply to the person if the person's age in completed years at the relevant date were one year more than it is.
                                                                                  MB is the person's member benefit (if any) at the relevant date.