Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 1/26)
Character Range: 1632792–1635449

98                                               2.72             2.50                  2.72
99 or more                                       2.58             2.26                  2.58

Part 8 New South Wales State Superannuation Scheme
Division 8.1 Definitions

1 Definitions
 (1) In this Part:
calculation year means the financial year in relation to which a calculation is being made for paragraph (a) or (b) of step 1 or for step 3 of the method set out in clause 2.
NSW Superannuation Act means the Superannuation Act 1916 (NSW).
SS Scheme means the superannuation scheme constituted by the NSW Superannuation Act.
 (2) A reference in this Part to the requirements of Division 2.2 of the Regulations being satisfied does not include a reference to the requirements of that Division being satisfied by making a payment of the kind mentioned in regulation 14H of the Regulations.
 (3) An expression used in this Part and in the NSW Superannuation Act or in a provision of that Act has the same meaning in this Part as it has in the NSW Superannuation Act or the provision of that Act.
Note   The following expressions are defined in subsection 3 (1) of the NSW Superannuation Act:
 Child
 Contributor
 Contributors' reserve
 De facto partner
 Employee
 Maturity age
 Prescribed age
 Salary
 Service
 Spouse
 STC
 Superannuation contributions surcharge.
Division 8.2 Interests in the growth phase

Subdivision 8.2.1 Contributors who have not elected to defer benefit

2 Method for interests in SS Scheme
 (1) For an interest that:
 (a) is in the growth phase in the SS Scheme; and
 (b) is held by a person who is a contributor;
the method set out in the following table is approved for section 4 of this instrument.
 (2) However, the method set out in the following table does not apply to an interest for which a method is approved under another Subdivision of this Division.

Method
Step 1
Calculate the probability weighted employer funded accrued benefit (if any) that would be payable to, or in respect of, the person for each benefit that would be payable to the person for each of the reasons (r) set out in clause 8 in accordance with whichever of the following is applicable:
 (a) if the person is less than 65 years at the end of the financial year in which the relevant date occurs, calculate the benefit for each financial year (t) in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of the financial year when the person would turn 65;
 (b) if the person is 65 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for