Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_69:p8
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 8/17)
Character Range: 1808929–1811525

12 months commencing on the person's most recent anniversary date in the financial year preceding the relevant date — 366;
 (iii) in any other case — 365.
 (3) If a person's anniversary date is '29 February', the person's most recent anniversary date is taken to be '1 March' in a year that is not a leap year.

6 Valuation of benefit (Bt,r)
 (1) For step 1 of the method mentioned in clause 2 and subject to subclause (2):
Bt,r is the value of the benefit (including any lump sum payments or pension payments) in the calculation year that:
 (a) would be payable to the person for any of the reasons mentioned in clause 8; and
 (b) takes into account the assumption that the person's salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs; and
 (c) disregards the amount of adjustment (if any) that the trustees would determine under section 26D of the PCS Act for the superannuation contributions surcharge.
 (2) For subclause (1), the value of the benefit is taken to be:
 (a) if the benefit is payable as an immediate lump sum only — the amount of the lump sum; or
 (b) if the benefit is payable as a pension that is immediately payable in the calculation year — the value of the benefit calculated in accordance with the formula mentioned in subclause (3); or
 (c) if the benefit is deferred under section 19B of the PCS Act after the member resigned — the value of the benefit calculated in accordance with the formula mentioned in subclause (4).
 (3) For paragraph 2 (b), the value of the benefit is to be calculated in accordance with the formula:

where:
P is the nominal annual rate of pension that would be payable to, or in relation to, the person on the date when the person is first entitled to be paid a pension.
PFy+t+m is the factor calculated in accordance with the formula:

  where:
            PFy+t is the immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, given:
                 (a) the person's age in completed years (y+t) on 31 December in the calculation year; and
                 (b) the person's gender; and
                 (c) the type of pension; and
                 (d) for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.
            m is the number of complete months of the person's age that are not included in the person's age in completed years on 31 December in the calculation year.
            PFy+t+1 is the immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that would