Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_70
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 70
Character Range: 2412008–2413630

70                          11.505                                                                          11.505      11.505  12.764  12.764      12.764

3 Methods and factors for interests of scheme members in QSuper Lifetime Pensions
 (1) For an interest a person has in the Scheme that is in the payment phase and known as a QSuper Lifetime Pension, the method for section 4 of this instrument is worked out using the following formula:
  where:
pension amount means the annual amount of the person's pension at the relevant date.
pension valuation factor means the pension valuation factor worked out under subclause (2) of this clause at the relevant date.
 (2) For the purposes of subclause (1), the pension valuation factor at the relevant date is worked out using the following formula:
  where:
m means the number of completed months of the following person's age (the relevant person) that are not included in the completed years at the relevant date:
 (a) in the case of a single pension—the person;
 (b) in the case of a couple pension—the youngest person of the couple.
y is the relevant person's age in completed years at the relevant date.
Py is the valuation factor mentioned in the following table that applies to the pension and the relevant person's age in completed years at the relevant date.
Py+1 means the valuation factor mentioned in the following table that applies to the pension and the relevant person's age in completed years at the relevant date if the relevant person's age was taken to be increased by one year.

Valuation factors
Item               Age  Single pension  Couple pension