Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p65
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 65/106)
Character Range: 290110–292914

salary shown in the Table Maximum Benefits in Rule 5.6.1 (as amended by determination of CSC under Rule 5.6.5 from time to time), is the greater of:
    (a) 10 times his/her final average salary; or
    (b) his/her final benefit accrual;

but cannot exceed the lowest benefit shown in the Table Maximum Benefits in Rule 5.6.1.

5.6.3 CSC will determine the maximum benefit of a member who had a preserved benefit applicable that would have exceeded the amount calculated under the Table Maximum Benefits in Rule 5.6.1 (as amended by determination of CSC under Rule 5.6.5 from time to time) shown opposite the member's average salary when he/she last became a member.
5.6.4 A maximum benefit in relation to a member who was an invalidity pensioner before last becoming a member and on the date he/she last became an invalidity pensioner was a maximum benefits member, is an amount calculated using the following formula:

where:

                  New MB is the amount calculated under the Table Maximum Benefits in Rule 5.6.1 according to the member's average salary; and

                  Old MB is the maximum benefit of the member at the time he/she last became an invalidity pensioner; and

                  AMC is the amount of accumulated member contributions paid to member at the time he/she last became an invalidity pensioner, if any.

Changes in the maximum benefits table
5.6.5 CSC will, by determination, amend the dollar amounts shown in the Table Maximum Benefits in Rule 5.6.1 with effect from 1 July 2008, and then each subsequent year with effect from 1 July, by:
         (a) first, applying an indexation factor, calculated under Rule 5.6.5A or 5.6.5B, whichever is applicable, to the average salary amount;
         (b) next, rounding the results in paragraph (a) down to the nearest multiple of $500;
         (c) then, multiplying the results in paragraph (b) by 10 to determine the maximum benefit quoted as a dollar amount in the first row of the Table;
         (d) ensuring that, on 1 July each year following 1 July 2008, the indexation factor referred to in paragraph (a) is applied to the average salary amount that was calculated by applying the indexation factor to the average salary amount in the previous year.
5.6.5A For the purposes of Rules 5.6.5 and 5.7.7, the indexation factor for a determination that applies for the 2008‑9 financial year and each later financial year ending on or before 30 June 2014 must reflect the immediately preceding March‑to‑March movement in Average Weekly Ordinary Time Earnings in Australia.
5.6.5B For the purposes of Rules 5.6.5 and 5.7.7, the indexation factor for a determination that applies for the 2014‑15 financial year and each later financial year is the greater of:
         (a) 1; or
         (b) the number calculated