Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p104
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 104/106)
Character Range: 392338–395114

Rules 5.2.20 and 5.3.20).

Combining preserved benefits
8.5.6 A preserved benefit  member who has more than one preserved benefit applicable on any 1 July, may choose to combine those benefits. If such a choice is exercised, the individual preserved benefits are replaced with a new preserved benefit:
         (a) equal to the sum of the value of the individual benefits on 1 July immediately before the request; and
         (b) containing the number of contribution due days equal to the sum of contribution due days in the individual preserved benefits.  No particular contribution due day can be counted towards that number more than once.

Division 6

Funded preserved benefit increases
8.6.1 Any accumulated member contributions and any accumulated productivity contributions included in a preserved benefit are accumulated with interest while they remain preserved benefits in the PSS scheme.

Unfunded preserved benefit increases
8.6.2 The unfunded preserved benefit included in a preserved benefit that was applicable for at least a whole year at 30 June of any year, is to be increased on 1 July of that year and each successive year by adding the amount of the unfunded preserved benefit to the amount calculated by using the formula:

where:

                  New CPI is the all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of the March quarter immediately before the relevant 1 July; and

                  Old CPI is the highest all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of the March quarter of any year earlier than the year immediately preceding the 1 July to which the new CPI relates,
provided:

         (a) the New CPI number exceeds the Old CPI number; and
         (b) the factor is to be rounded up or down to the nearest one thousandth; and
         (c) CSC may reduce the factor where the preserved benefit was not applicable for a whole year before the relevant 1 July; and
         (d) any year that commenced before 1 July 1989 is excluded when determining Old CPI; and
         (e) where the Australian Statistician changes the reference base for the Consumer Price Index, regard shall only be had to index numbers first published in terms of the new reference base.

8.6.3 CSC will apply the principles of Rule 8.6.2 to increase the unfunded preserved benefit in respect of a part of a year if the preserved benefit becomes payable before 1 July.

PART 9 — PENSION PAYMENTS
Note: Where a former member had transferred an amount into the PSS scheme, an additional pension under Division 3 of Part 11 may be payable to, or in respect of,