Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_5
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 2079942–2088711

5                                                                                                                                 The component of an interest that a person who has resigned (other than a person who has elected under subsection 38 (1) of the SERB Act to be entitled to deferred retirement benefits in accordance with the provisions of the Portability Act) has as a member of the superannuation scheme established by the SERB Act, being the component consisting of the deferred benefit under paragraph 37 (1) (b) of the SERB Act.                                                                                                                                                                                                                                                                                                                 The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS + [DP × F × (PVF + RVF × .6667)]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS is the amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum under paragraph 37 (1) (b) of the SERB Act to a present lump sum under subsection 37 (1B) of the SERB Act, adjusted as required by the SERB Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DP is the annual amount of the pension, to which the person is entitled under
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 subparagraph 37 (1) (b) (ii) of the SERB Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 F is the applicable discount valuation factor in column 3 of the table in clause 4 of Schedule 6 to the 2001 Regulations as if the reference to 'minimal deferral period for lump sum' in that table is a reference to 'time until person attains the age of 55 years'.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 PVF is the applicable pension valuation factor set out in clause 4 of Schedule 4 to the 2001 Regulations at age 55 years.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 RVF is the applicable reversion valuation factor set out in clause 7 of Schedule 2 to the 2001 Regulations.