Document ID: chunk:federal_register_of_legislation:C2022C00261:schedule:1
Version: federal_register_of_legislation:C2022C00261
Segment Type: schedule
Provision Reference: sch 1
Character Range: 188059–189939

Schedule 1
(Definition of "transfer value")

1. The transfer value, in relation to a transferred person, is an amount equal to the sum of:
     (a) previous contributions made by the person under the previous legislation; and
     (b) interest in respect of the amount in subparagraph (a) which would have accrued before the date of his or her transfer if so much of that amount:
          (i) as comprised contributions and additional contributions (within the meaning of the 1973 Act) paid before 1 October 1991 had been earning interest at the rates applicable in accordance with Schedule 11; or
          (ii) as comprised contributions and additional contributions (within the meaning of the 1973 Act) paid on or after that date had been funded;
less the amount (if any) remaining unpaid to the Commonwealth by the person in respect of:
     (c) an election by him or her under the previous legislation to have a period of service taken into account as service for pension or as qualifying service; and
     (d) an advance payment made to him or her in respect of a gratuity under:
          (i) the previous legislation; or
          (ii) the Defence Force (Bounties and Gratuities) Regulations; or
          (iii) Determination 0705 made under Part IIIA of the Defence Act 1903; and
     (e) an amount required to be paid by him or her under subsection 87 (3) of the 1973 Act.
2. For the purpose of subparagraph 1 (b), where, for any period, official records of the fortnightly amounts of contributions paid by a member when he or she was a member of the retirement benefits scheme under the 1948 Act are not available, the contributions paid by the member during that period are taken to have been paid on the date at the middle of that period, unless CSC, having regard to documentary evidence of those contributions produced to CSC by the member, otherwise determines.