Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_69:p16
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 16/17)
Character Range: 1835797–1838256

following table is approved for an interest that is held by a person:
 (a) who is not entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and
 (b) who:
 (i) was a member immediately before 1 February 1990; or
 (ii) received a pension under the PCS Act that commenced to be paid before 1 February 1990; and
 (c) whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:
P has the meaning given by clause 12.
Py+m has the meaning given by clause 12.
CP is the amount (if any) by which the annual pension amount payable to the person at the relevant date, if the period of suspension were to conclude at that date, would be reduced under subsection 21B (2) of the PCS Act because of an election by the person under section 20 of that Act to convert pension entitlements to a lump sum entitlement.
UPy+m is the factor calculated in accordance with the formula:

  where:
  UPy is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that applies given the person's gender and the person's age in completed years at the relevant date.
  m is the number of completed months of the person's age that are not included in the person's age in completed years at the relevant date.
  UPy+1 is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that would apply to the person if the person's age in completed years at the relevant date were 1 year more than it is.
Dy+m has the meaning given by clause 12.
R has the meaning given by clause 12.
Ry+m has the meaning given by clause 12.

14 Method — interest for a person who was a member immediately before 1 February 1990 and is entitled to make an election under subsection 20 (2) of PCS Act
  For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:
 (a) who is entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and
 (b) who:
 (i) was a member immediately before 1 February 1990; or
 (ii) received a pension under the PCS Act that commenced to be paid before 1 February 1990; and
 (c) whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method
where:
PVls is the value of a member's entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum at the