Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p19
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 19/26)
Character Range: 1674025–1676534

(1) (c), the factor is calculated in accordance with the formula:
1 – NMProp  ESProp
where:
NMProp is the quotient of:
 (a) the value of the spouse's entitlement under the agreement or order immediately before the requirements of Division 2.2 of the Regulations were satisfied; and
 (b) the gross value of the person's interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 2.
ESProp is calculated in accordance with the formula:
  where:
  CDs is the total number of days of the person's service as at the date when the requirements of Division 2.2 of the Regulations were satisfied.
  Bs is the number of days of the person's service in the period commencing on 1 July 1988 and ending on the date when the requirements of Division 2.2 of the Regulations were satisfied.
  EFPs has the meaning given by subclause 17 (1).
  CDe is the total number of days of the person's service at:
 (a) in the case of a person who has elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act — the date that was the exit day for the person under Division 3B of Part 4 of that Act; or
 (b) in the case of a person who has elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act — the date when Part 1 of Schedule 23 first applied to the person.
  Be is the number of days of the person's service in the period commencing on 1 July 1988 and ending on whichever date mentioned in paragraph (a) or (b) of the definition of CDe applies to the person.
  EFPe has the meaning given by subclause 17 (2).

17 Definitions of EFPs and EFPe
 (1) In subclause 16 (3):
EFPs is the employer financed proportion of the person's benefit at the date when the requirements of Division 2.2 of the Regulations were satisfied, calculated in accordance with the formula:
  where:
  EFBs is the employer financed component of the benefit that is payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied, worked out in accordance with the formula:
  where:
  V0 is the sum of all the probability weighted employer funded accrued benefits worked out in step 1 of the method set out in clause 2.
  V1 is the sum of all the probability weighted employer funded accrued benefits worked out in step 3 of the method