Document ID: chunk:federal_register_of_legislation:F2025L00178:clause:3_3
Version: federal_register_of_legislation:F2025L00178
Segment Type: clause
Provision Reference: sch 3 cl 3
Character Range: 357514–359218

3  Method
 (1) The method is:
where:
A means the value of the lump sum benefit that has accrued in respect of the interest at the relevant date, being the product of the member spouse's accrued benefit multiple for a lump sum, as provided by the trustee under section 90XZB or 90YZR of the Act, and the salary figure on which benefits in respect of the interest, at that date, would be based, assuming that the member spouse were eligible to retire at that date.
fy+m means the lump sum valuation factor calculated in accordance with subclause (2).
 (2) For the purposes of subclause (1), the lump sum valuation factor (fy+m) at the relevant date is calculated as follows:
where:
fy means:
 (a) if the member's retirement age is 60, 61 or 62 years for the applicable eligible superannuation plan—the lump sum valuation factor mentioned in subclause 4(1) that applies at the relevant date to the term remaining in complete years until the member spouse reaches the member's retirement age; or
 (b) if the member's retirement age is more than 62 years for the applicable eligible superannuation plan—the lump sum valuation factor mentioned in subclause 4(2) that applies at the relevant date to the term remaining in complete years until the member spouse reaches the member's retirement age.
m means the number of complete months of the remaining term that are not included in the remaining complete years at the relevant date.
fy+1 means the lump sum valuation factor mentioned in that subclause (see the definition of fy) that would apply if the member spouse's term to retirement in complete years were one year more than the member spouse's term to retirement in complete years at the relevant date.