Document ID: chunk:federal_register_of_legislation:C2024C00651:section:17:p2
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 17 (pt 2/5)
Character Range: 74340–77077

(see subsection (6) and, if applicable, subsections (7) and (8)); or
 (b) if, apart from this subsection, the person would have been, at the most recent benefit start‑up time, entitled to a retiring allowance under paragraph (2AA)(b), (c) or (d)—the percentage of the rate of parliamentary allowance specified in that paragraph.
surcharge adjustment means the total of the person's notional adjustment debits arising under any or all of the following provisions at or before the most recent benefit start‑up time:
 (a) subsection (8AA);
 (b) subsection (8AB);
 (c) subsection 18A(6).
 (8AAA) Any reduction under section 22CH is to be disregarded in applying the definition of basic rate in subsection (8A) of this section.
 (8AA) If:
 (a) a person's surcharge debt account is in debit at the most recent benefit start‑up time; and
 (b) apart from subsection (8A), the person would be entitled to a retiring allowance under subsection (1A) or (1B) or paragraph (2)(a) or (aa) or (2AA)(a), (b), (c) or (d);
there is taken to have arisen at the most recent benefit start‑up time a notional adjustment debit of the person equal to the amount worked out using the following formula:

where:
conversion factor means the factor applicable to the person under the determination made by the Trust under section 22A.
surcharge deduction amount means the person's surcharge deduction amount.
 (8AB) If:
 (a) at the time this subsection commences (the commencement time), a person is entitled to a retiring allowance under subsection (8A); and
 (b) that retiring allowance was calculated by reference to a particular surcharge adjustment within the meaning of that subsection as in force before the commencement time;
there is taken to have arisen at the commencement time a notional adjustment debit of the person equal to that surcharge adjustment.
 (8AC) If:
 (a) a person makes an election under subsection 18A(1) on a particular day (the election day) after the most recent benefit start‑up time; and
 (b) if the election had not been made, the person would have been entitled on the election day to a retiring allowance under subsection (1A), (1B) or (8A) or this subsection or paragraph (2)(a) or (aa) or (2AA)(a), (b), (c) or (d);
then, on and after the election day, instead of the retiring allowance referred to in paragraph (b), the person is entitled to a retiring allowance during his or her lifetime at a rate equal to such percentage of the rate of parliamentary allowance for the time being payable to a member as is worked out using the formula:

where:
basic rate means the rate at which, at the most recent benefit start‑up time, a retiring allowance under subsection (1A) or (1B) or paragraph (2)(a) or (aa) or (2AA)(a), (b), (c)