Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_16:p1
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 16 (pt 1/2)
Character Range: 2017598–2025696

16    The component of an interest that a person, who became eligible to be a member of 1 of the schemes listed below and under subsection 69 (3) of the SS Act elected to cease to be a contributor, has under subsection 69 (4) or (5) of that Act as a revised scheme member in the superannuation scheme established by the SS Act, being the component consisting of the deferred pension that the person is entitled to receive under subsection 69 (4) or (5) of the SS Act.                                                                                                                                                                                                           The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              DP × F × (PVF + RVF × .6667)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              DP is the annual amount of the person's deferred pension under subsection 69 (4) or (5) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              F is the applicable discount valuation
      Schemes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the 2001 Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until the person attains the minimum age for retirement'. If the person has already reached the minimum age for retirement or is within 1 month of that age, F is taken to be 1.
      Transport Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the 2001 Regulations and using the factors set out in clause 4 of Schedule 4 to those
      Hospitals Superannuation Fund
      Local Authorities Superannuation Fund
      Emergency Services Superannuation Fund
      State Casual Employees Superannuation Fund
      Melbourne and Metropolitan Board of Works Superannuation Fund
      Gas and Fuel Corporation of Victoria Superannuation Fund
      State Electricity Commission Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to 'member spouse's age' are references to 'greater of member
      Superannuation Schemes For Australian Universities
      GIO Personal Superannuation Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        spouse's age and the minimum age for retirement at relevant date (in completed years)' and the reference in column 1 of the table in clause 4 to 'Age at relevant date (in completed years)' is a reference to 'Greater of member spouse's age and the minimum age for retirement at relevant date (in completed years)'.
      GIO Staff Superannuation Plan