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where:
BS is the basic salary of a member of the Assembly at the relevant date.
ABMA is the person’s accrued benefit multiple, as adjusted for payments made under section 25H of the Act at the relevant date, calculated in accordance with Method 1, 2 or 3, as applicable.
Method 1
This method applies if 1 amount only has been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:
where:
ABM has the meaning given by item 2.
p is the factor calculated in accordance with the following formula:
where:
NMSB is the amount paid under section 25H of the Act.
PFLV is the value of the interest at the time immediately before the payment under section 25H of the Act was made, calculated in accordance with the method set out for an interest described in item 2.
ABM1 is the person’s accrued benefit multiple at the time the amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the relevant date’ is a reference to ‘the time at which the amount was paid’.
Method 2
This method applies if 2 amounts only have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:
where:
ABM has the meaning given by item 2.
p2 is the factor calculated in accordance with the method for the factor p in Method 1 of this item, modified so that:
(a) for NMSB the amount paid is to be calculated by reference to the second amount paid under section 25H of the Act; and
(b) for PFLV the value of the interest is the value at the time immediately before the second payment under section 25H of the Act was made, calculated in accordance with Method 1 of this item.
ABM2 is the person’s accrued benefit multiple at the time the second amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM1, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the time at which the amount was paid’ is a reference to ‘the time at which the second amount was paid’.
p1 is the factor calculated in accordance with the method for the factor p in Method 1 of this item.
ABM1 has the meaning given in Method 1 of this item.
Method 3
This method applies if 3 amounts only have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:
where:
ABM has the meaning given by item 2.
p3 is the factor calculated in accordance with the method for the factor p in Method 1 of this item, modified so that:
(a) for NMSB, the amount paid is to be calculated by reference to the third amount paid under section 25H of the Act; and
(b) for PFLV, the value of the interest is the value at the time immediately before the third payment under section 25H of the Act was made, calculated in accordance with Method 2 of this item.
ABM3 is the person’s accrued benefit multiple at the time the third amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM1, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the time at which the amount was paid’ is a reference to ‘the time at which the third amount was paid’.
p2 has the meaning given in Method 2 of this item.
ABM2 has the meaning given in Method 2 of this item.
p1 has the meaning given in Method 2 of this item.
ABM1 has the meaning given in Method 1 of this item.
Fy+m has the meaning given by item 1.
r is the reduction factor for the amount or amounts paid under section 25H of the Act, as follows:
(a) if 1 amount only has been paid — (1 – p1), where p1 has the meaning given in Method 2 of this item;
(b) if 2 amounts only have been paid — (1 – p1) × (1 – p2), where p1 and p2 have the meaning given in Method 2 of this item;
(c) if 3 amounts only have been paid — (1 – p1) × (1 – p2) × (1 – p3), where p1 and p2 have the meaning given in Method 2 of this item and p3 has the meaning given in Method 3 of this item.
PLSA has the meaning given by item 2.
ATV has the meaning given by item 1. |