Schedule 1 Amendments
(section 3)
[1] Section 3, definition of spouse, including
the note
substitute
spouse has the meaning given by section 90MD
of the Act.
Note Spouse is defined in
section 90MD of the Act as a party to a marriage.
[2] Schedule 2, after Part 7
insert
Part 8 New South Wales State Superannuation Scheme
Division 8.1 Definitions
1 Definitions
(1) In this Part:
calculation year means the financial year in relation
to which a calculation is being made for paragraph (a) or (b) of step 1 or
for step 3 of the method set out in clause 2.
NSW Superannuation Act means the Superannuation
Act 1916 (NSW).
SS Scheme means the superannuation scheme
constituted by the NSW Superannuation Act.
(2) A reference in this Part to the requirements of
Division 2.2 of the Regulations being satisfied does not include a reference to
the requirements of that Division being satisfied by making a payment of the
kind mentioned in regulation 14H of the Regulations.
(3) An expression used in this Part and in the NSW
Superannuation Act or in a provision of that Act has the same meaning in this
Part as it has in the NSW Superannuation Act or the provision of that Act.
Note The following expressions are
defined in subsection 3 (1) of the NSW Superannuation Act:
· Child
· Contributor
· Contributors’
reserve
· De facto
partner
· Employee
· Maturity age
· Prescribed age
· Salary
· Service
· Spouse
· STC
· Superannuation
contributions surcharge.
Division 8.2 Interests in the growth phase
Subdivision 8.2.1 Contributors who have not elected to defer
benefit
2 Method for interests
in SS Scheme
(1) For an interest that:
(a) is in the growth phase in the SS Scheme; and
(b) is held by a person who is a contributor;
the method set out in the following table is approved for section 4
of this instrument.
(2) However, the method set out in the following table
does not apply to an interest for which a method is approved under another
Subdivision of this Division.
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Method
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Step 1
Calculate the probability
weighted employer funded accrued benefit (if any) that would be payable to,
or in respect of, the person for each benefit that would be payable to the
person for each of the reasons (r) set out in clause 8 in
accordance with whichever of the following is applicable:
(a) if the person is
less than 65 years at the end of the financial year in which the relevant
date occurs, calculate the benefit for each financial year (t) in
the period commencing on 1 July before the relevant date and ending at
the end of the financial year when the person would turn 65;
(b) if the person is 65
years or more at the end of the financial year in which the relevant date
occurs, calculate the benefit for the financial year commencing on 1 July
before the relevant date;
in accordance with the
formula:
where:
Bt,r
has the meaning given by clause 6.
TPCIt
is the total amount of the person’s contributions and interest that
would be debited against the contributors’ reserve, in respect of the person,
in accordance with paragraph 33B (2) (a) of the NSW Superannuation
Act, if:
(a) the benefit
were to be payable to, or in respect of, the person on 31 December in the calculation
year; and
(b) the following assumptions
were to apply to the person’s contributions and interest:
(i) each of the assumptions set out in clause 10;
(ii) the interest rate that is
fixed by STC, under subsection 8 (1) of the NSW Superannuation Act,
for each year commencing on 1 July before the relevant date is
6.5%.
st
has the meaning given by clause 3.
pt,r
has the meaning given by clause 4.
aft,r has
the meaning given by clause 5.
dt
is:
(a) in respect of
the financial year in which the relevant date occurs — 1.032; and
(b) in any other
case — the discount factor mentioned in Table 1 of Division 8.4 that is
applicable to the calculation year.
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Step 2
Calculate the sum (V0)
of all of the probability weighted employer funded accrued benefits worked
out in step 1
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Step 3
Applying the assumptions
set out in clause 9, repeat step 1 for each calculation year commencing
on 1 July after the relevant date, modified so that:
(a) the relevant date
referred to in paragraph (b) of the definition of st is:
(i) the date
corresponding to the relevant date in the financial year following the
financial year in which the relevant date occurs; or
(ii) if there is
no such corresponding date because the relevant date is 29 February — 1 March;
and
(b) LPS0 referred to in the definition of aft,r
is, if applicable, the length of the person’s service as at 1 July
immediately after the relevant date; and
(c) dt is:
(i) in respect of
the financial year immediately after the relevant date — 1.032; and
(ii) in any other
case — the discount factor that would apply to the calculation year if the
reference to ‘1 July before the relevant date’ in the heading of column 1 in
Table 1 in Division 8.4 was a reference to ‘1 July after the relevant
date’.
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Step 4
Calculate the sum (V1)
of all of the probability weighted employer funded accrued benefits worked
out in step 3.
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Step 5
Calculate the employer
financed component of the benefit (EFB) that is payable to the
person in accordance with the formula:
where:
V0
is the amount worked out in step 2.
V1
is the amount worked out in step 4.
m is the
number of complete months in the period commencing on 1 July before the
relevant date and ending at the end of the relevant date.
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Step 6
Calculate the gross value
of the interest in accordance with the formula:
where:
EFB is the
employer financed component of the benefit that is payable to the person,
worked out in accordance with step 5.
TPCI is the
total amount of the person’s contributions and interest, at the relevant
date, that would be debited from his or her contributor’s account, under
subsection 33B (4) of the NSW Superannuation Act, if a benefit under
that Act were to become payable to that person at that date.
RUA is the
person’s reserve unit accumulation, being the amount that would be payable
under subsection 15A (6AB) of the NSW Superannuation Act if the person ceased
to be an employee at the relevant date.
R is the reduction factor under clause 7.
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3 Meaning of st
For step 1 of the
method set out in clause 2:
st is:
(a) for the
financial year commencing on 1 July before the relevant date — 1; or
(b) for each year
in the period commencing on 1 July after the relevant date and ending at the
end of 30 June immediately before the calculation year — the probability
that the person will be an employee in the calculation year, worked out in
accordance with the method set out in the following table.
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Step 1
Calculate, for each year in
the period commencing on 1 July before the relevant date and ending at the
end of 30 June immediately before the calculation year (the calculation
period), the total of the sum of the factors set out in whichever of
paragraphs (a), (b) and (c) is applicable to the person:
(a) if the person is male — the factors set out,
for the person’s age in that year, in columns 2 to 7 of Table 2 in
Division 8.4;
(b) if the person is female and elected to contribute
at the rate prescribed by the NSW Superannuation Act for retirement at 55 years
— the factors set out, for the person’s age in that year, in columns 2,
4, 5, 6, 7 and 9 of Table 3 in Division 8.4;
(c) if the person is female
and elected to contribute at the rate prescribed by the NSW Superannuation
Act for retirement at 60 years — the factors set out, for the
person’s age in that year, in columns 3, 4, 5, 6, 8 and 10 of Table 3 in
Division 8.4.
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Step 2
For each year in the
calculation period, calculate the probability that the person will remain an
employee at the end of each year (survival factor), being 1
less the sum of the factors set out in whichever of paragraphs (a), (b)
and (c) in step 1 is applicable to the person for each year.
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Step 3
Multiply the survival
factor worked out in step 2 for the first year in the calculation period by
the survival factor for each remaining year in that period.
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Step 4
st is the result of
the calculation worked out in step 3.
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4 Meaning of pt,r
For step 1 of the method set out in clause 2:
pt,r is the probability, set out
in whichever of Tables 2 and 3 of Division 8.4 is applicable, that the
benefit would be payable to the person in the calculation year for any of the
reasons mentioned in subclause 8 (2), given:
(a) the person’s gender; and
(b) the person’s age in completed years on 31
December in the calculation year; and
(c) if the person is female, the person’s
contribution rate for retirement at 55 or 60 years (as the case may be).
5 Meaning of aft,r
(1) For step 1 of the
method set out in clause 2:
aft,r
is:
(a) if the
benefit is payable to, or in respect of, a person under section 29, 30 or 32A
of the NSW Superannuation Act — the lesser of:
(i) 1; and
(ii) the
factor calculated in accordance with the formula:
where:
LPS0 is the length of the person’s
service expressed in years and any fraction of a year, at the relevant date.
LPSmd is the length of the person’s service
if he or she remained an employee until maturity age, expressed in years and
any fraction of a year; or
(b) in any other
case — the factor calculated in accordance with the formula:
where:
LPS0 is the length of the person’s
service expressed in years and any fraction of a year, as at 1 July before the
relevant date.
t is:
(a) if the person is less
than 65 years on 30 June after the relevant date — the number of years in
the period commencing on 1 July before the relevant date and ending at the
beginning of the calculation year; or
(b) if the person is 65
years or more on 30 June after the relevant date — 0.
(2) For the definition of
LPSmd in paragraph (a) of the definition of aft,r
in subclause (1):
fraction of a year
means the quotient of:
(a) the number of days, including the day when
the person reaches maturity age, that would not be included in the number of
complete years of service if the person remained an employee until maturity
age; and
(b) whichever of
subparagraphs (i), (ii), (iii) and (iv) is applicable:
(i) if the length of the person’s
service at the date when the person will reach maturity age is less than 1 complete
year and the date ‘29 February’ occurs in the period of 12 months commencing on
the date on which the person commenced service — 366;
(ii) if the length of the person’s
service at the date when the person will reach maturity age is more than 1 complete
year and the date ‘29 February’ occurs in the period of 12 months commencing
on the person’s most recent anniversary date before maturity age — 366;
(iii) if the length of the person’s
service at the date when the person will reach maturity age is more than 1
complete year and the person’s most recent anniversary date before maturity age
is taken to be ‘1 March’ under subclause (4) — 365;
(iv) in any other case — 365.
(3) For the definition of
LPS0
in paragraph (c) of the definition of aft,r in
subclause (1):
fraction of a year
means the quotient of:
(a) the number of days, including the date ‘1
July’ before the relevant date, that are not included in the number of complete
years of service; and
(b) whichever of
subparagraphs (i), (ii), (iii) and (iv) is applicable:
(i) if the length of the person’s
service at the relevant date is less than 1 complete year and the date ‘29
February’ occurs in the period of 12 months commencing on the date on which the
person commenced service — 366;
(ii) if the length of the person’s
service at the relevant date is more than 1 complete year and the date ‘29
February’ occurs in the period of 12 months commencing on the person’s most
recent anniversary date in the financial year preceding the relevant date —
366;
(iii) if the length of the person’s
service at the relevant date is more than 1 complete year and the person’s most
recent anniversary date in the financial year preceding the relevant date is
taken to be ‘1 March’ under subclause (4) — 365;
(iv) in any other case — 365.
(4) If a person’s anniversary date is ‘29 February’, the
person’s most recent anniversary date is taken to be ‘1 March’ in a year that
is not a leap year.
(5) In this clause:
anniversary date means the anniversary of the
date on which a person commenced service.
6 Valuation of benefit (Bt,r)
(1) For step 1 of the
method set out in clause 2 and subject to subclause (2):
Bt,r
is the value of the benefit (including any lump sum payments or pension
payments) in the calculation year that:
(a) would be payable to the person for any of
the reasons mentioned in subclause 8 (1); and
(b) applies the assumptions set out in clause 10;
and
(c) takes into account the amount of reduction
of the benefit (if any) determined by STC under subsection 61RA (1) of the
NSW Superannuation Act in accordance with section 61RD of that Act; and
(d) assumes, for the purpose of calculating the
amount of that reduction, that L in subsection 61RD (7) of
the NSW Superannuation Act is 0.15; and
(e) disregards the amount of adjustment (if any)
that STC would determine under subsection 61RA (1A) of the NSW
Superannuation Act in respect of the superannuation contributions surcharge.
(2) For subclause (1), the
value of the benefit is taken to be whichever of the following is applicable:
(a) if the benefit is payable as an immediate
lump sum only — the amount of the lump sum;
(b) if the benefit is payable as a pension that
is immediately payable in the calculation year — the value of the benefit calculated
in accordance with the formula set out in subclause (3);
(c) if the benefit is payable under Division 3A
of Part 4 of the NSW Superannuation Act after the person resigned — the
value of the benefit calculated in accordance with the formula set out in
subclause (4).
(3) For paragraph (2) (b),
the value of the benefit is to be calculated in accordance with the formula:
where:
Pension is the amount of
fortnightly pension benefit that would be payable to, or in respect of, the
person on the date when the person’s pension entitlement first arises.
PFy+t+m
is the factor calculated in accordance with the formula:
where:
PFy+t is
the valuation factor mentioned in Table 4 of Division 8.4 that is
applicable, given:
(a) the person’s age in
completed years (y+t) on 31 December in the calculation year;
and
(b) the person’s gender;
and
(c) the type of pension.
m is the number of
complete months of the person’s age that are not included in the person’s age
in completed years on 31 December in the calculation year.
PFy+t+1 is
the valuation factor mentioned in Table 4 of Division 8.4 that would be
applicable to the person if the person’s age in completed years on 31 December in
the calculation year were 1 year more than it is.
(4) For paragraph (2) (c),
the value of the benefit is to be calculated in accordance with the formula:
where:
Pension1t is the amount
of fortnightly pension that would be calculated under subsection 52A (2)
of the NSW Superannuation Act in respect of the person, if the person was
entitled to a pension under section 52C of that Act on 31 December in the calculation
year.
PF1y+t+m is the
pension valuation factor calculated in accordance with the formula:
where:
PF1y+t is the P1
pension valuation factor mentioned in Table 5 of Division 8.4 that is
applicable, given:
(a) the person’s gender; and
(b) the person’s age in completed years
on 31 December in the calculation year.
m is the number of complete
months of the person’s age that are not included in the person’s age in
completed years on 31 December in the calculation year.
PF1y+t+1 is the
P1 pension valuation factor mentioned in Table 5 of Division 8.4 that would be
applicable if the person’s age in completed years on 31 December in the
calculation year were 1 year more than it is.
Pension2t is the amount
of fortnightly pension that would be calculated under subsection 52A (3)
of the NSW Superannuation Act in respect of the person, if the person was
entitled to a pension under section 52C of that Act on 31 December in the calculation
year.
PF2y+t+m is the
pension valuation factor calculated in accordance with the formula:
where:
PF2y+t is the
P2 pension valuation factor mentioned in Table 5 of Division 8.4
that is applicable, given:
(a) the person’s gender; and
(b) the person’s age in completed years
on 31 December in the calculation year.
m has the meaning given
above.
PF2y+t+1 is the
P2 pension valuation factor mentioned in Table 5 of Division 8.4
that would be applicable if the person’s age in completed years on 31 December
in the calculation year were 1 year more than it is.
7 Reduction factor
(1) For step 6 of the
method set out in clause 2, the reduction factor is:
(a) if the requirements of Division 2.2 of the Regulations
have been satisfied in respect of the entitlement of only one spouse of the
person, being an entitlement arising under a particular superannuation
agreement, flag lifting agreement or splitting order that applies in respect of
the interest — the factor calculated in accordance with the formula set
out in subclause (2); or
(b) if the requirements of Division 2.2 of the
Regulations have been satisfied in respect of the entitlements of 2 or more
spouses of the person, being entitlements each arising under a superannuation
agreement, flag lifting agreement or splitting order that applies to the
interest — the product of the factors calculated in accordance with the formula
set out in subclause (2) in respect of each entitlement; or
(c) in any other case — 1.
(2) For paragraphs (1)
(a) and (b), each amount 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 time when 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 is the employer financed proportion of
the person’s benefit immediately before the time 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, worked
out in accordance with the formula in step 5 of the method set out in clause
2, immediately before the time when the requirements of Division 2.2 of the
Regulations were satisfied.
TPCIs is the total
amount of the person’s contributions and interest, being the amount that would
have been required to be calculated under subsection 33B (4) of the
NSW Superannuation Act if a benefit had been payable to the person immediately
before the time when the requirements of Division 2.2 of the Regulations
were satisfied.
CD is the total number of days of the
person’s service at the relevant date.
B is the number of days of the person’s
service in the period commencing on 1 July 1988 and ending at the end of the
relevant date.
EFP is the
employer financed proportion of the person’s benefit at the relevant date, calculated
in accordance with the formula:
where:
EFB is the employer financed
component of the benefit that is payable to the person, worked out in
accordance with step 5 of the method set out in clause 2.
TPCI is the total amount of
the person’s contributions and interest, at the relevant date, that would be
debited from his or her contributor’s account, under subsection 33B (4) of
the NSW Superannuation Act, if a benefit under that Act were to become payable
to that person at that date.
Subdivision 8.2.2 Reasons and assumptions in respect of interest
described in Subdivision 8.2.1
8 Reasons for payment of
benefit
(1) For step 1 of the method set out in clause 2, and paragraph (a)
of the definition of Bt,r in subclause 6 (1), each
of the events set out in subclauses (4) to (10) is a reason.
(2) For the definition of pt,r
in clause 4, each of the events set out in subclauses (3), (6), (7), (8), (9)
and (10) is a reason.
(3) The person retired when the person was at least 55
years and was entitled to a benefit under section 27, 28, 28A or 28AA of the
NSW Superannuation Act.
(4) The person retired when the person was at least 60
years and was entitled to a benefit under section 27 of the NSW Superannuation
Act.
(5) The person retired when the person was at least 55
years but less than 60 years and was entitled to a benefit under section
28, 28A or 28AA of the NSW Superannuation Act.
(6) The person retired on the grounds of invalidity, or
physical or mental incapacity to carry out the person’s duties as an employee and
was entitled to a benefit under section 29 of the NSW Superannuation Act.
(7) The person died leaving a spouse or de facto partner
and was entitled to a benefit under section 30 of the NSW Superannuation Act.
(8) The person died without leaving a spouse, de facto
partner or child to whom a benefit was payable under the NSW Superannuation Act
and section 32A of that Act applies to that person.
(9) The person:
(a) would have been entitled to a benefit under
section 27, 28, 28A or 28AA of the NSW Superannuation Act on retirement,
but resigned before retirement; and
(b) had not elected to take the benefit of
Division 3A of Part 4 of that Act.
(10) The person:
(a) would have been entitled to a benefit under
section 27, 28, 28A or 28AA of the NSW Superannuation Act on retirement, but
resigned before retirement; and
(b) elected to take the benefit of Division 3A of
Part 4 of that Act.
9 Step 3 —
Assumptions in respect of person
For step 3 of the
method set out in clause 2, the following assumptions apply:
(a) the person remains a contributor;
(b) the person’s salary will increase in
accordance with paragraph 10 (a);
(c) the person will contribute for units of
pension that will be taken to be optional units of pension under Part 3 of the
NSW Superannuation Act, in accordance with paragraph 10 (c).
10 Assumptions to be
applied for TPCIt and Bt,r
For the definition
of TPCIt in step 1 of the method set out in
clause 2, and paragraph (b) of the definition of Bt,r
in subclause 6 (1), the following assumptions apply:
(a) the person’s salary will increase by 4% each
year commencing on 1 July immediately before the relevant date;
(b) a pension (if any) that is included in the
benefit will increase by 2.5% each year;
(c) the person
will, in the calculation year, contribute for units of pension that will be
taken to be optional units of pension under Part 3 of the NSW Superannuation
Act, in accordance with whichever of Tables 6 and 7 of Division 8.4 is
applicable, given:
(i) the date when the person first
became a contributor to the SS Scheme; and
(ii) the person’s age in the calculation
year; and
(iii) the person’s gender; and
(iv) if the person is female, the
person’s contribution rate for retirement at 55 or 60 years (as the case may be);
(d) if the person:
(i) would have reached the person’s
prescribed age in the calculation year; and
(ii) had
retired, died or was retrenched during that year;
the total amount of any unpaid unit of
pension that was required to be paid under subsection 10AH (1) of the NSW
Superannuation Act and paragraph (c), was paid in accordance with
subsection 10AH (2) of that Act.
Subdivision 8.2.3 Deferred benefits — Division 3A of
Part 4 of the NSW Superannuation Act
11 Method for interests in
SS Scheme
For an interest:
(a) that is held
by:
(i) a person who has elected, under
paragraph 20AB (1) (b) of NSW Superannuation Act, to make provision
for a benefit provided by Division 3A of Part 4 of that Act; or
(ii) a person who has elected to take
the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or
(iii) a person to whom subsection 52IA (1)
of the NSW Superannuation Act applies; or
(iv) a person who has elected, under
paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a
benefit provided for by Division 3A of Part 4 of the Act; or
(v) a person who is taken, under
subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have
elected to take the benefit of Division 3A of Part 4 of that Act; and
(b) that is in the
growth phase in the SS Scheme;
the method set out in the following
table is approved for section 4 of this instrument.
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Method
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where:
P1 is the amount of fortnightly pension that
would be calculated under subsection 52A (2) of the NSW Superannuation
Act in respect of the person if the person was entitled to a pension under
section 52C of that Act at the relevant date.
PF1y+m has the meaning given by
subclause 12 (1).
P2 is the amount of fortnightly pension that
would be calculated under subsection 52A (3) of the NSW Superannuation
Act in respect of the person if the person was entitled to a pension under
section 52C of that Act at the relevant date.
PF2y+m has the meaning given by
subclause 12 (2).
R is the reduction factor under clause 13.
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12 Definitions of PF1y+m
and PF2y+m
(1) In clause 11 and,
unless expressly modified, in any other provision in this Subdivision:
PF1y+m is the
pension valuation factor calculated in accordance with the formula:
where:
PF1y is the
person’s P1 pension valuation factor mentioned in Table 5 of Division 8.4 that is
applicable, given:
(a) the person’s gender; and
(b) the person’s age in completed years at the
relevant date.
m is the number of complete months of the
person’s age that are not included in the person’s age in completed years at
the relevant date.
PF1y+1 is the person’s P1 pension
valuation factor mentioned in Table 5 of Division 8.4 that would apply if the
person’s age in completed years at the relevant date were 1 year more than it
is.
(2) In clause 11 and,
unless expressly modified, in any other provision in this Subdivision:
PF2y+m is the
pension valuation factor calculated in accordance with the formula:
where:
PF2y is the P2
pension valuation factor mentioned in Table 5 of Division 8.4 that is
applicable, given:
(a) the person’s gender; and
(b) the person’s age in completed years at the
relevant date.
m has the meaning given by subclause (1).
PF2y+1 is the person’s P2 pension
valuation factor mentioned in Table 5 of Division 8.4 that would apply if
the person’s age in completed years at the relevant date were 1 year more than
it is.
13 Reduction factor
(1) For clause 11, the reduction
factor is:
(a) if paragraphs (b), (c) and (d) do not apply —
1; or
(b) if the
requirements of Division 2.2 of the Regulations have been satisfied:
(i) after the date when:
(A) the person elected under
paragraph 20AB (1) (b) of the NSW Superannuation Act, to make
provision for a benefit provided by Division 3A of Part 4 of that
Act; or
(B) the person elected to
take the benefit of Division 3A of Part 4 of the NSW Superannuation
Act; or
(C) subsection 52IA (1)
of the NSW Superannuation Act first applied to the person; or
(D) the person elected,
under paragraph 52N (1) (b) of the NSW Superannuation Act, to
preserve a benefit provided for by Division 3A of Part 4 of that Act;
or
(E) the person was taken,
under subclause 2 (1) of Schedule 23 to the NSW Superannuation
Act, to have elected to take the benefit of Division 3A of Part 4 of
that Act; and
(ii) in
respect of the entitlement of only one spouse of the person, being an
entitlement arising under a particular superannuation agreement, flag lifting
agreement or splitting order that applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (2); or
(c) if the
requirements of Division 2.2 of the Regulations have been satisfied:
(i) before any of the dates mentioned
in sub‑subparagraph (b) (i) (A) to (E); and
(ii) in
respect of the entitlement of only one spouse of the person, being an
entitlement arising under a particular superannuation agreement, flag lifting
agreement or splitting order that applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (3); or
(d) if the requirements of Division 2.2 of the
Regulations have been satisfied in relation to the entitlements of 2 or more
spouses of the person, being entitlements each arising under a particular
superannuation agreement, flag lifting agreement or splitting order that
applies to the interest — the product of the factors calculated in
accordance with whichever of paragraphs (b) and (c) is applicable, in respect
of each entitlement.
(2) For paragraph (1) (b),
the factor is calculated in accordance with the formula:
1 – NMProp
where:
NMProp is the
quotient of:
(a) the value of the spouse’s entitlement under
the agreement or order immediately before the time when 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 11.
(3) For paragraph (1) (c),
the factor is calculated in accordance with the formula:
1 – NMProp ´ ESProp
where:
NMProp has the meaning given by subclause (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 14 (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 20AB (1) (b) of the NSW Superannuation
Act, to make provision for a benefit provided by Division 3A of Part 4
of that Act — the date when the person elected to make provision for that
benefit; or
(b) in the case of a person who has
elected to take the benefit of Division 3A of Part 4 of the NSW
Superannuation Act — the date that was the person’s exit day, within the
meaning given by subsection 3 (1) of that Act; or
(c) in the case of a person to whom
subsection 52IA (1) of the NSW Superannuation Act applies — the
date when subsection 52IA (1) first so applied; or
(d) in the case of a person who has
elected, under paragraph 52N (1) (b) of the NSW Superannuation
Act, to preserve a benefit provided for by Division 3A 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
(e) in the case of a person who is
taken, under subclause 2 (1) of Schedule 23 to the NSW
Superannuation Act, to have elected to take the benefit of Division 3A 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 paragraphs (a) to (e) of the
definition of CDe applies to the person.
EFPe has the
meaning given by subclause 14 (2).
14 Definitions of EFPs
and EFPe
(1) In subclause 13 (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.
m is the number of
complete months in the period commencing on 1 July before the date when the
requirements of Division 2.2 of the Regulations were satisfied and ending at
the end of the date when those requirements were satisfied.
V1 is
the sum of all the probability weighted employer funded accrued benefits worked
out in step 3 of the method set out in clause 2 .
TPCIs is the total amount of the
person’s contributions and interest, being the amount that would have been
required to be calculated under subsection 33B (4) of the NSW
Superannuation Act if a benefit had been payable to the person immediately
before the time when the requirements of Division 2.2 of the Regulations
were satisfied.
(2) In subclause 13 (3):
EFPe is the
employer financed proportion of the person’s benefit at the date when:
(a) the person elected, under paragraph 20AB (1) (b)
of the NSW Superannuation Act, to make provision for a benefit provided by
Division 3A of Part 4 of that Act; or
(b) the person elected to take the benefit of
Division 3A of Part 4 of the NSW Superannuation Act; or
(c) Subsection 52IA (1) of the NSW
Superannuation Act first applied to the person; or
(d) the person elected, under paragraph 52N (1) (b)
of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A
of Part 4 of that Act; or
(e) the person was taken, under subclause 2 (1)
of Schedule 23 to the NSW Superannuation Act, to have elected to take the
benefit of Division 3A of Part 4 of that Act;
calculated in accordance with the formula:
where:
EFBe is the employer financed component of benefit that
is payable to the person, calculated in accordance with the formula:
where:
P1 is the amount of fortnightly pension that
would be calculated under subsection 52A (2) of the NSW Superannuation Act
in respect of the person if the person was entitled to a pension under section 52C
of that Act at:
(a) in the case of a
person, who has elected, under paragraph 20AB (1) (b) of the NSW
Superannuation Act, to make provision for a benefit provided by Division 3A
of Part 4 of that Act — the date when the person elected to make
provision for that benefit; or
(b) in the case of a person
who has elected to take the benefit of Division 3A of Part 4 of the
NSW Superannuation Act — the date that was the person’s exit day, within
the meaning given by subsection 3 (1) of that Act; or
(c) in the case of a person
to whom subsection 52IA (1) of the NSW Superannuation Act applies —
the date when subsection 52IA (1) first so applied; or
(d) in the case of a person
who has elected, under paragraph 52N (1) (b) of the NSW
Superannuation Act, to preserve a benefit provided for by Division 3A 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
(e) in the case of a person
who is taken, under subclause 2 (1) of Schedule 23 to the NSW
Superannuation Act, to have elected to take the benefit of Division 3A of
Part 4 of that Act — the date when Part 1 of Schedule 23
first applied to the person.
PF1y+m has the
meaning given by subclause 12 (1), modified so that a reference to
‘the relevant date’ in that definition is a reference to whichever date
mentioned in paragraphs (a) to (e) of the definition of P1
applies to the person.
P2 is the amount of
fortnightly pension that would be calculated under subsection 52A (3) of
the NSW Superannuation Act in respect of the person if the person was entitled
to a pension under section 52C of that Act at whichever date mentioned in
paragraphs (a) to (e) of the definition of P1 applies to the
person.
PF2y+m has the
meaning given by subclause 12 (2), modified so that a reference to
‘the relevant date’ in that definition is a reference to whichever date
mentioned in paragraphs (a) to (e) of the definition of P1
applies to the person.
TPCIe is the amount calculated under subsection
33B (4) of the NSW Superannuation Act at whichever date mentioned in
paragraphs (a) to (e) of the definition of P1 applies to the
person.
Subdivision 8.2.4 Deferred benefits — Division 3B of
Part 4 of the NSW Superannuation Act
15 Method for interest in
SS Scheme
For an interest:
(a) that is held
by:
(i) 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; or
(ii) 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; and
(b) that is in the
growth phase in the SS Scheme;
the method set out in the following table is approved for section 4
of this instrument.
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Method
|
|
where:
LS is the amount of the lump sum benefit (if
any) that would be payable to the person under section 52S of the NSW
Superannuation Act if he or she applied on the relevant date for payment of
the benefit after his or her resignation, retirement or other cessation of
employment.
P is the annual rate of pension (if any)
that would be payable to the person under section 52S of the NSW Superannuation
Act if he or she applied on the relevant date for payment of the pension
after his or her resignation, retirement or other cessation of employment.
PFy+m is
the factor calculated in accordance with the formula:
where:
PFy
is the age retirement pension valuation factor mentioned in Table 8
of Division 8.4 that is applicable, given:
(a) the person’s age in completed years (y)
at the relevant date; and
(b) the person’s gender.
|
|
m is the number of complete months
of the person’s age that are not included in the person’s age in completed
years at the relevant date.
PFy+1 is the age
retirement pension valuation factor mentioned in Table 8 of Division 8.4
that would apply if the person’s age in completed years at the relevant date
were 1 year more than it is.
R is the reduction factor under
clause 16.
|
16 Reduction factor
(1) For clause 15, the reduction factor
is:
(a) if paragraphs (b), (c) and (d) do not apply —
1; or
(b) if the requirements of Division 2.2 of the
Regulations have been satisfied:
(i) after the date when:
(A) the person 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; or
(B) the person 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; and
(ii) in respect of the entitlement of
only one spouse of the person, being an entitlement arising under a particular
superannuation agreement, flag lifting agreement or splitting order that
applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (2); or
(c) if the requirements of Division 2.2 of the
Regulations have been satisfied:
(i) before the date when:
(A) the person 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; or
(B) the person 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; and
(ii) in
respect of the entitlement of only one spouse of the person, being an entitlement
arising under a particular superannuation agreement, flag lifting agreement or
splitting order that applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (3); or
(d) if the requirements of Division 2.2 of the
Regulations have been satisfied in relation to the entitlements of 2 or more
spouses of the person, being entitlements each arising under a particular
superannuation agreement, flag lifting agreement or splitting order that
applies to the interest — the product of the factors calculated in
accordance with whichever of paragraphs (b) and (c) is applicable, in respect
of each entitlement.
(2) For paragraph (1) (b),
the factor is calculated in accordance with the formula:
1 – NMProp
where:
NMProp is the
quotient of:
(a) the value of the spouse’s entitlement under
the agreement or order immediately before the time when 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 15.
(3) For paragraph (1) (c),
the factor is calculated in accordance with the formula:
1 – NMProp ´ ESProp
where:
NMProp has the meaning given by subclause (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 set out in clause 2.
m is the number of
complete months in the period commencing on 1 July before the date when the
requirements of Division 2.2 of the Regulations were satisfied and ending at
the end of the date when those requirements were satisfied.
TPCIs is the total
amount of the person’s contributions and interest, being the amount that would
have been required to be calculated under subsection 33B (4) of the
NSW Superannuation Act if a benefit had been payable to the person immediately
before the time when the requirements of Division 2.2 of the Regulations
were satisfied.
(2) In subclause 16 (3):
EFPe is the
employer financed proportion of the person’s benefit at the date when:
(a) the person elected, under paragraph 52N
(1) (b) 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; or
(b) the person 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;
calculated in accordance
with the formula:
where:
EFBe is the
employer financed component of the benefit that is payable to the person,
calculated in accordance with the formula:
where:
LS is the amount of
the lump sum benefit (if any) that would be payable to the person under section
52S of the NSW Superannuation Act if he or she had applied for payment of the
benefit 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.
P is the amount of
annual pension (if any) that would be payable to the person under section 52S
of the NSW Superannuation Act if he or she had applied for payment of the
pension at whichever date mentioned in paragraph (a) or (b) of the definition
of LS applies to the person.
PFy+m
has the meaning given by the method set out in clause 15, modified so
that a reference to ‘the relevant date’ in that definition is a reference to
whichever date mentioned in paragraph (a) or (b) of the definition of LS
applies to the person.
TPCIe is the total
amount of the person’s contributions and interest, being the total amount that
would be required to be calculated under subsection 33B (4) of the NSW
Superannuation Act at whichever date mentioned in paragraph (a) or (b) of the
definition of LS applies to the person.
Subdivision 8.2.5 Deferred benefits — Division 3D of
Part 4 of the NSW Superannuation Act
18 Method for interest in
SS Scheme
For an interest:
(a) that is held
by a person who is entitled to a benefit which has been preserved under
Division 3D of Part 4 of the NSW Superannuation Act; and
(b) that is in the
growth phase in the SS Scheme;
the method set out in the following table is approved for section 4
of this instrument.
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Method
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|
where:
LS is the amount of the lump sum benefit
that would be payable to the person:
(a) under section 52Z of the NSW Superannuation Act
on the person’s retirement (within the meaning given by subregulation 6.01 (2)
of the Superannuation Industry (Supervision) Regulations 1994); and
(b) if the person’s retirement was on the relevant day.
P is the annual rate of pension that:
(a) would be payable to the person under section 52Z of
the NSW Superannuation Act on his or her retirement (within the meaning given
by subregulation 6.01 (2) of the Superannuation Industry
(Supervision) Regulations 1994) if the person’s retirement were on the
relevant date; and
(b) is in addition to any pension being paid to the
person.
APFy+m has the meaning given by clause
19.
PF has the meaning given by clause 20.
DFy+m has the meaning given by clause
21.
R is the reduction factor under clause 22.
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19 Meaning of APFy+m
In clause 18:
APFy+m is:
(a) if the person is 60 years or more at the
relevant date — 0; or
(b) in any other case — the annuity factor
calculated in accordance with the formula:
where:
APFy is the annuity
factor mentioned in Table 9 of Division 8.4 that is applicable given the
person’s age in completed years (y) at the relevant date.
m is the number of complete
months of the person’s age that are not included in the person’s age in
completed years at the relevant date.
APFy+1 is the annuity
factor mentioned in Table 9 of Division 8.4 that would apply if the person’s
age in completed years at the relevant date were 1 year more than it is.
20 Meaning of PF
In clause 18:
PF is:
(a) for a person who is less than 60 years at
the relevant date and:
(i) male — 15.533; or
(ii) female — 17.169; or
(b) in any other case — the factor calculated
in accordance with the formula:
where:
PFy is the age
retirement pension valuation factor mentioned in Table 8 of Division 8.4 that
is applicable, given:
(a) the person’s age in completed years
(y) at the relevant date; and
(b) the person’s gender.
m is the number of complete
months of the person’s age that are not included in the person’s age in
completed years at the relevant date.
PFy+1 is the age
retirement pension valuation factor mentioned in Table 8 of Division 8.4
that would apply if the person’s age in completed years at the relevant date
were 1 year more than it is.
21 Meaning of DFy+m
In clause 18:
DFy+m is:
(a) if the person is 60 years or more at the
relevant date — 1; or
(b) in any other case — the factor
calculated in accordance with the formula:
where:
DFy is the discount
factor mentioned in Table 9 of Division 8.4 that is applicable given the
person’s age in completed years (y) at the relevant date.
m is the number of complete
months of the person’s age that are not included in the person’s age in
completed years at the relevant date.
DFy+1 is the valuation
factor mentioned in Table 9 of Division 8.4 that would apply if the person’s
age in completed years at the relevant date were 1 year more than it is.
22 Reduction factor
(1) For clause 18, the reduction
factor is:
(a) if paragraphs (b), (c) and (d) do not apply —
1; or
(b) if the
requirements of Division 2.2 of the Regulations have been satisfied:
(i) after the date when the benefit
was preserved under Division 3D of Part 4 of the NSW Superannuation Act;
and
(ii) in
respect of the entitlement of only one spouse of the person, being an
entitlement arising under a particular superannuation agreement, flag lifting
agreement or splitting order that applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (2); or
(c) if the
requirements of Division 2.2 of the Regulations have been satisfied:
(i) before
the date when the benefit was preserved under Division 3D of Part 4 of the
NSW Superannuation Act; and
(ii) in
respect of the entitlement of only one spouse of the person, being an
entitlement arising under a particular superannuation agreement, flag lifting
agreement or splitting order that applies in respect of the interest;
the factor calculated in accordance with
the formula set out in subclause (3); or
(d) if the requirements of Division 2.2 of the
Regulations have been satisfied in relation to the entitlements of 2 or more
spouses of the person, being entitlements each arising under a particular
superannuation agreement, flag lifting agreement or splitting order that
applies to the interest — the product of the factors calculated in
accordance with whichever of paragraphs (b) or (c) is applicable, in respect of
each entitlement.
(2) For paragraph (1) (b),
the factor is calculated in accordance with the formula:
1 – NMProp
where:
NMProp is the
quotient of:
(a) the value of the spouse’s entitlement under
the agreement or order immediately before the time when 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 18.
(3) For paragraph (1) (c),
the factor is calculated in accordance with the formula:
1 – NMProp ´ ESProp
where:
NMProp has the meaning given by subclause (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 23 (1).
CDe is the
total number of days of the person’s service at the date when the benefit was
preserved under Division 3D of Part 4 of the NSW Superannuation Act.
Be
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 benefit was preserved under Division 3D of
Part 4 of the NSW Superannuation Act.
EFPe has the
meaning given by subclause 23 (2).
23 Definitions of EFPs
and EFPe
(1) In subclause 22 (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 set out in clause 2.
m is the number of
complete months in the period commencing on 1 July before the date when the
requirements of Division 2.2 of the Regulations were satisfied and ending at
the end of the date when those requirements were satisfied.
TPCIs is the total
amount of the person’s contributions and interest, being the amount that would
have been required to be calculated under subsection 33B (4) of the
NSW Superannuation Act if a benefit had been payable to the person immediately
before the time when the requirements of Division 2.2 of the Regulations
were satisfied.
(2) In subclause 22 (3):
EFBe
is the employer financed component of the benefit that is payable to
the person, calculated in accordance with the formula:
where:
LS is the amount of the lump
sum benefit that would be payable to the person under section 52Z of the NSW
Superannuation Act on the person’s retirement (within the meaning given by
subregulation 6.01 (2) of the Superannuation Industry
(Supervision) Regulations 1994) if the person’s retirement had occurred on
the date when the benefit was preserved under Division 3D of Part 4 of the NSW
Superannuation Act.
P is the amount of annual
pension:
(a) that would be payable to the person
under section 52Z of the NSW Superannuation Act on the person’s retirement
(within the meaning given by subregulation 6.01 (2) of the Superannuation
Industry (Supervision) Regulations 1994) if the person’s retirement had
occurred on the date when the benefit was preserved under Division 3D of Part 4
of the NSW Superannuation Act; and
(b) that is in addition to any pension
being paid to the person.
APFy+m has the meaning given by the
method set out in clause 19, modified so that a reference to ‘the relevant
date’ in that definition is a reference to ‘the date when the benefit was
preserved under Division 3D of Part 4 of the NSW Superannuation Act’.
PF has the meaning given by
the method set out in clause 20, modified so that a reference to ‘the relevant
date’ in that definition is a reference to ‘the date when the benefit was preserved
under Division 3D of Part 4 of the NSW Superannuation Act’.
DFy+m
has the meaning given by the method set out in clause 21, modified so
that a reference to ‘the relevant date’ in that definition is a reference to
‘the date when the benefit was preserved under Division 3D of Part 4 of
the NSW Superannuation Act’.
TPCIe is the total amount of the
person’s contributions and interest, being the total amount that would be
required to be calculated under subsection 33B (4) of the NSW
Superannuation Act at the date when the benefit was preserved under Division 3D
of Part 4 of the NSW Superannuation Act.
Division 8.3 Interests in the payment phase
24 Method for interests in
SS Scheme
For an interest:
(a) that is held by a person who is entitled to
be paid a pension under the SS Scheme; and
(b) that is in the
payment phase in the SS Scheme;
the method set out in the following
table is approved for section 4 of this instrument.
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Method
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|
where:
P is the amount of annual pension benefit that
is payable to the person in respect of the interest at the relevant date.
PFy+m is
the amount calculated in accordance with the formula:
where:
PFy
is the valuation factor mentioned in Table 8 of Division 8.4 that is
applicable, given:
(a) the person’s age in completed years (y)
at the relevant date; and
(b) the person’s gender; and
(c) the type of pension.
m is the number of complete months
of the person’s age that are not included in the person’s age in completed
years at the relevant date.
PFy+1 is the valuation
factor mentioned in Table 8 of Division 8.4 that would apply if the person’s
age in completed years at the relevant date were 1 year more than it is.
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Division 8.4 Factors, probabilities and proportions of optional units for
which contributions are required to be made
Table 1 Discount factors
Note Step 3 of the method set out in
clause 2 modifies the discount factor that applies to a calculation year by replacing
the reference to ‘1 July before the relevant date’ in the heading of column 1
of the following table with a reference to ‘1 July after the relevant date’.
|
Number of years in the period commencing on 1 July
before the relevant date and ending on 1 July in the calculation year
|
Discount factor (dt)
|
|
1
|
1.099
|
|
2
|
1.171
|
|
3
|
1.247
|
|
4
|
1.328
|
|
5
|
1.414
|
|
6
|
1.506
|
|
7
|
1.604
|
|
8
|
1.708
|
|
9
|
1.819
|
|
10
|
1.937
|
|
11
|
2.063
|
|
12
|
2.197
|
|
13
|
2.340
|
|
14
|
2.492
|
|
15
|
2.654
|
|
16
|
2.827
|
|
17
|
3.010
|
|
18
|
3.206
|
|
19
|
3.414
|
|
20
|
3.636
|
|
21
|
3.873
|
|
22
|
4.124
|
|
23
|
4.393
|
|
24
|
4.678
|
|
25
|
4.982
|
|
26
|
5.306
|
|
27
|
5.651
|
|
28
|
6.018
|
|
29
|
6.409
|
|
30
|
6.826
|
|
31
|
7.270
|
|
32
|
7.742
|
|
33
|
8.245
|
|
34
|
8.781
|
|
35
|
9.352
|
|
36
|
9.960
|
|
37
|
10.607
|
|
38
|
11.297
|
|
39
|
12.031
|
|
40
|
12.813
|
Table 2 Probability that particular benefits will be
payable — males
|
Age
|
Retirement pension under
section 27, 28, 28A or 28AA of the NSW Superannuation Act
|
Invalidity pension under
section 29 of the NSW Superannuation Act
|
Pension on death of
contributor under section 30 of the NSW Superannuation Act
|
Amount payable on death
of contributor under section 32A of the NSW Superannuation Act
|
Amount payable on
resignation under section 38A of the NSW Superannuation Act
|
Preservation pension under
Division 3A of Part 4 of the NSW Superannuation Act
|
|
26
|
0.0000
|
0.0024
|
0.0002
|
0.0002
|
0.0216
|
0.0073
|
|
27
|
0.0000
|
0.0027
|
0.0002
|
0.0002
|
0.0210
|
0.0080
|
|
28
|
0.0000
|
0.0027
|
0.0002
|
0.0002
|
0.0205
|
0.0086
|
|
29
|
0.0000
|
0.0030
|
0.0003
|
0.0002
|
0.0194
|
0.0091
|
|
30
|
0.0000
|
0.0030
|
0.0003
|
0.0002
|
0.0178
|
0.0092
|
|
31
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0163
|
0.0092
|
|
32
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0143
|
0.0089
|
|
33
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0120
|
0.0081
|
|
34
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0097
|
0.0072
|
|
35
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0085
|
0.0068
|
|
36
|
0.0000
|
0.0033
|
0.0003
|
0.0002
|
0.0078
|
0.0068
|
|
37
|
0.0000
|
0.0036
|
0.0003
|
0.0002
|
0.0071
|
0.0067
|
|
38
|
0.0000
|
0.0036
|
0.0004
|
0.0002
|
0.0064
|
0.0067
|
|
39
|
0.0000
|
0.0036
|
0.0004
|
0.0002
|
0.0058
|
0.0065
|
|
40
|
0.0000
|
0.0039
|
0.0004
|
0.0002
|
0.0052
|
0.0063
|
|
41
|
0.0000
|
0.0042
|
0.0003
|
0.0003
|
0.0050
|
0.0066
|
|
42
|
0.0000
|
0.0045
|
0.0004
|
0.0003
|
0.0048
|
0.0068
|
|
43
|
0.0000
|
0.0048
|
0.0004
|
0.0003
|
0.0046
|
0.0070
|
|
44
|
0.0000
|
0.0054
|
0.0004
|
0.0004
|
0.0044
|
0.0072
|
|
45
|
0.0000
|
0.0060
|
0.0004
|
0.0004
|
0.0041
|
0.0074
|
|
46
|
0.0000
|
0.0062
|
0.0004
|
0.0005
|
0.0037
|
0.0075
|
|
47
|
0.0000
|
0.0065
|
0.0004
|
0.0005
|
0.0034
|
0.0076
|
|
48
|
0.0000
|
0.0075
|
0.0004
|
0.0006
|
0.0029
|
0.0077
|
|
49
|
0.0000
|
0.0088
|
0.0005
|
0.0006
|
0.0026
|
0.0078
|
|
50
|
0.0000
|
0.0103
|
0.0005
|
0.0007
|
0.0023
|
0.0080
|
|
51
|
0.0000
|
0.0108
|
0.0005
|
0.0009
|
0.0020
|
0.0083
|
|
52
|
0.0000
|
0.0112
|
0.0004
|
0.0011
|
0.0016
|
0.0087
|
|
53
|
0.0000
|
0.0128
|
0.0004
|
0.0013
|
0.0012
|
0.0093
|
|
54
|
0.0000
|
0.0144
|
0.0003
|
0.0016
|
0.0009
|
0.0097
|
|
55
|
0.0900
|
0.0160
|
0.0002
|
0.0019
|
0.0000
|
0.0000
|
|
56
|
0.0650
|
0.0176
|
0.0002
|
0.0020
|
0.0000
|
0.0000
|
|
57
|
0.1000
|
0.0192
|
0.0003
|
0.0023
|
0.0000
|
0.0000
|
|
58
|
0.1400
|
0.0208
|
0.0003
|
0.0026
|
0.0000
|
0.0000
|
|
59
|
0.2500
|
0.0224
|
0.0003
|
0.0029
|
0.0000
|
0.0000
|
|
60
|
0.6800
|
0.0000
|
0.0004
|
0.0032
|
0.0000
|
0.0000
|
|
61
|
0.4300
|
0.0000
|
0.0004
|
0.0036
|
0.0000
|
0.0000
|
|
62
|
0.2900
|
0.0000
|
0.0005
|
0.0041
|
0.0000
|
0.0000
|
|
63
|
0.3000
|
0.0000
|
0.0005
|
0.0045
|
0.0000
|
0.0000
|
|
64
|
0.4800
|
0.0000
|
0.0006
|
0.0050
|
0.0000
|
0.0000
|
|
65 or over
|
1.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|