Document ID: chunk:federal_register_of_legislation:F2023C01022:clause:2_3
Version: federal_register_of_legislation:F2023C01022
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 284566–285827

3  Method
 (1) The method is:

where:
A is 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 is the lump sum valuation factor calculated in accordance with subclause (2).
 (2) For subclause (1), the lump sum valuation factor (fy+m) at the relevant date is calculated as follows:

where:
fy is the lump sum valuation factor mentioned in clause 4 of this Schedule that applies at the relevant date to the term remaining in complete years until the member spouse reaches the member's retirement age.
m is the number of complete months of the remaining term that are not included in the remaining complete years at the relevant date.
fy+1 is the lump sum valuation factor mentioned in clause 4 of this Schedule 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.