Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2007 (No. 1) (Cth)

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2007 (No. 1)

Family Law (Superannuation) Regulations 2001

I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this Approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated 13 September 2007

PHILIP RUDDOCK

Attorney‑General

1. Name of Approval

This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2007 (No. 1)

1. Commencement

This Approval commences on the day after it is registered.

1. Amendment of Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003

Schedule 1 amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003.

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

1. 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.

Method

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:

         B_t,r has the meaning given by clause 6.

         TPCI_t 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%.

         s_t has the meaning given by clause 3.

         p_t,r has the meaning given by clause 4.

         af_t,r has the meaning given by clause 5.

         d_t 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.

Step 2   

Calculate the sum (V₀) of all of the probability weighted employer funded accrued benefits worked out in step 1

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 s_t 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 af_t,r is, if applicable, the length of the person’s service as at 1 July immediately after the relevant date; and

   (c)  d_t 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’.

Step 4   

Calculate the sum (V₁) of all of the probability weighted employer funded accrued benefits worked out in step 3.

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.

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.

1. Meaning of s_t

For step 1 of the method set out in clause 2:

s_t 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.

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.

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.

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.

Step 4   

s_t is the result of the calculation worked out in step 3.

1. Meaning of p_t,r

For step 1 of the method set out in clause 2:

p_t,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).

1. Meaning of af_t,r

(1)   For step 1 of the method set out in clause 2:

af_t,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 LPS_md in paragraph (a) of the definition of af_t,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 af_t,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.

1. Valuation of benefit (B_t,r)

(1)   For step 1 of the method set out in clause 2 and subject to subclause (2):

B_t,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.

PF_y+t+m is the factor calculated in accordance with the formula:

where:

PF_y+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.

PF_y+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.

1. 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:

CD_s 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.

B_s 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:

EFB_s 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.

    TPCI_s 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

1. Reasons for payment of benefit

(1)   For step 1 of the method set out in clause 2, and paragraph (a) of the definition of B_t,r in subclause 6 (1), each of the events set out in subclauses (4) to (10) is a reason.

(2)   For the definition of p_t,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.

1. 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).

1. Assumptions to be applied for TPCI_t and B_t,r

For the definition of TPCI_t in step 1 of the method set out in clause 2, and paragraph (b) of the definition of B_t,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

1. 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.

Method

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.

PF1_y+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.

PF2_y+m has the meaning given by subclause 12 (2).

R is the reduction factor under clause 13.

1. Definitions of PF1_y+m and PF2_y+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.

1. 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:

CD_s 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.

B_s 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.

EFP_s 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.

B_e 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 CD_e applies to the person.

EFP_e has the meaning given by subclause 14 (2).

1. Definitions of EFP_s and EFP_e

(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:

EFB_s 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 .

TPCI_s 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

1. 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.

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.

PF_y+m is the factor calculated in accordance with the formula:

         where:

         PF_y 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.

         PF_y+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.

1. 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:

CD_s 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.

B_s 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.

EFP_s 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.

B_e 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.

EFP_e has the meaning given by subclause 17 (2).

1. Definitions of EFP_s and EFP_e

(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:

EFB_s 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.

TPCI_s 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.

PF_y+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.

TPCI_e 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

1. 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.

Method

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.

APF_y+m has the meaning given by clause 19.

PF has the meaning given by clause 20.

DF_y+m has the meaning given by clause 21.

R is the reduction factor under clause 22.

1. Meaning of APF_y+m

   In clause 18:

APF_y+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:

APF_y 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.

APF_y+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.

1. 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:

PF_y 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.

PF_y+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.

1. Meaning of DF_y+m

   In clause 18:

DF_y+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:

DF_y 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.

DF_y+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.

1. 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:

CD_s 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.

B_s 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.

EFP_s 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.

B_e 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.

EFP_e has the meaning given by subclause 23 (2).

1. Definitions of EFP_s and EFP_e

(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:

EFB_s 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.

TPCI_s 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):

EFB_e 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.

APF_y+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’.

DF_y+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’.

TPCI_e 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

1. 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.

Method

where:

P is the amount of annual pension benefit that is payable to the person in respect of the interest at the relevant date.

PF_y+m is the amount calculated in accordance with the formula:

         where:

         PF_y 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.

         PF_y+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.

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

Table 3  Probability that particular benefits will be payable — females

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
	Retirement age — 55 years	Retirement age — 60 years				Retirement age — 55 years	Retirement age — 60 years	Retirement age — 55 years	Retirement age — 60 years
26	0.0000	0.0000	0.0006	0.0001	0.0001	0.0333	0.0204	0.0105	0.0120
27	0.0000	0.0000	0.0006	0.0001	0.0001	0.0324	0.0204	0.0113	0.0120
28	0.0000	0.0000	0.0006	0.0001	0.0001	0.0315	0.0204	0.0122	0.0120
29	0.0000	0.0000	0.0006	0.0001	0.0001	0.0306	0.0204	0.0130	0.0122
30	0.0000	0.0000	0.0006	0.0001	0.0001	0.0297	0.0204	0.0138	0.0124
31	0.0000	0.0000	0.0009	0.0001	0.0001	0.0269	0.0204	0.0136	0.0126
32	0.0000	0.0000	0.0009	0.0001	0.0001	0.0242	0.0192	0.0133	0.0130
33	0.0000	0.0000	0.0012	0.0001	0.0001	0.0216	0.0192	0.0130	0.0134
34	0.0000	0.0000	0.0015	0.0001	0.0001	0.0191	0.0168	0.0125	0.0135
35	0.0000	0.0000	0.0018	0.0001	0.0001	0.0168	0.0150	0.0119	0.0130
36	0.0000	0.0000	0.0018	0.0001	0.0001	0.0146	0.0138	0.0112	0.0125
37	0.0000	0.0000	0.0018	0.0002	0.0002	0.0125	0.0126	0.0104	0.0120
38	0.0000	0.0000	0.0018	0.0002	0.0002	0.0105	0.0108	0.0095	0.0115
39	0.0000	0.0000	0.0021	0.0002	0.0002	0.0086	0.0090	0.0085	0.0110
40	0.0000	0.0000	0.0021	0.0002	0.0002	0.0074	0.0072	0.0075	0.0105
41	0.0000	0.0000	0.0024	0.0001	0.0002	0.0062	0.0060	0.0060	0.0100
42	0.0000	0.0000	0.0027	0.0002	0.0002	0.0049	0.0048	0.0050	0.0090
43	0.0000	0.0000	0.0033	0.0002	0.0002	0.0042	0.0042	0.0050	0.0080
44	0.0000	0.0000	0.0039	0.0002	0.0002	0.0038	0.0036	0.0050	0.0070
45	0.0000	0.0000	0.0045	0.0002	0.0003	0.0035	0.0030	0.0060	0.0075
46	0.0000	0.0000	0.0058	0.0002	0.0003	0.0029	0.0030	0.0060	0.0080
47	0.0000	0.0000	0.0065	0.0002	0.0004	0.0026	0.0030	0.0060	0.0081
48	0.0000	0.0000	0.0075	0.0002	0.0004	0.0023	0.0030	0.0065	0.0082
49	0.0000	0.0000	0.0088	0.0002	0.0005	0.0020	0.0030	0.0065	0.0085
50	0.0000	0.0000	0.0103	0.0002	0.0006	0.0013	0.0030	0.0069	0.0090
51	0.0000	0.0000	0.0108	0.0002	0.0007	0.0009	0.0030	0.0073	0.0095
52	0.0000	0.0000	0.0112	0.0001	0.0009	0.0004	0.0030	0.0077	0.0100
53	0.0000	0.0000	0.0128	0.0001	0.0010	0.0003	0.0030	0.0078	0.0103
54	0.0000	0.0000	0.0144	0.0001	0.0011	0.0001	0.0030	0.0080	0.0106
55	0.6900	0.1200	0.0160	0.0001	0.0012	0.0000	0.0000	0.0000	0.0000
56	0.2900	0.0650	0.0176	0.0001	0.0013	0.0000	0.0000	0.0000	0.0000
57	0.2300	0.0650	0.0192	0.0001	0.0014	0.0000	0.0000	0.0000	0.0000
58	0.2300	0.0900	0.0208	0.0001	0.0016	0.0000	0.0000	0.0000	0.0000
59	0.2400	0.2400	0.0224	0.0001	0.0017	0.0000	0.0000	0.0000	0.0000
60	0.2500	0.6400	0.0000	0.0001	0.0019	0.0000	0.0000	0.0000	0.0000
61	0.2200	0.3500	0.0000	0.0001	0.0021	0.0000	0.0000	0.0000	0.0000
62	0.2600	0.3500	0.0000	0.0001	0.0023	0.0000	0.0000	0.0000	0.0000
63	0.1400	0.2100	0.0000	0.0001	0.0026	0.0000	0.0000	0.0000	0.0000
64	0.4400	0.4500	0.0000	0.0001	0.0028	0.0000	0.0000	0.0000	0.0000
65 or over	1.0000	1.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Table 4  Valuation factors — contributors

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		Reversionary pension under section 30 or 31 of the NSW Superannuation Act
Age	Male	Female	Male	Female	Spouse of male contributor	Spouse of female contributor
25	23.570	23.420	22.872	22.325	23.584	22.717
26	23.472	23.311	22.770	22.186	23.481	22.588
27	23.369	23.198	22.664	22.042	23.373	22.454
28	23.263	23.080	22.553	21.894	23.261	22.314
29	23.152	22.958	22.438	21.742	23.144	22.168
30	23.037	22.833	22.317	21.585	23.024	22.016
31	22.917	22.701	22.192	21.422	22.900	21.858
32	22.792	22.565	22.061	21.255	22.771	21.694
33	22.663	22.423	21.930	21.082	22.636	21.524
34	22.529	22.276	21.793	20.904	22.498	21.348
35	22.389	22.122	21.650	20.720	22.355	21.165
36	22.244	21.962	21.502	20.529	22.205	20.974
37	22.093	21.798	21.346	20.332	22.050	20.775
38	21.936	21.626	21.185	20.130	21.888	20.568
39	21.773	21.447	21.021	19.922	21.720	20.354
40	21.604	21.262	20.849	19.707	21.545	20.132
41	21.383	21.054	20.584	19.425	21.365	19.901
42	21.153	20.837	20.311	19.135	21.177	19.662
43	20.912	20.612	20.026	18.835	20.982	19.413
44	20.661	20.378	19.734	18.527	20.780	19.156
45	20.398	20.133	19.429	18.211	20.570	18.889
46	20.123	19.880	19.115	17.887	20.353	18.612
47	19.837	19.616	18.792	17.557	20.126	18.326
48	19.539	19.342	18.461	17.220	19.893	18.030
49	19.228	19.059	18.121	16.878	19.649	17.722
50	18.903	18.765	17.770	16.529	19.398	17.404
51	18.438	18.460	17.195	16.175	19.136	17.077
52	17.949	18.143	16.601	15.814	18.865	16.736
53	17.437	17.816	15.989	15.447	18.586	16.386
54	16.900	17.476	15.356	15.075	18.296	16.023
55	16.365	17.150	14.737	14.731	17.997	17.269
56	16.063	16.872	14.470	14.474	17.687	16.944
57	15.754	16.586	14.196	14.215	17.366	16.607
58	15.435	16.295	13.916	13.954	17.033	16.260
59	15.108	15.998	13.630	13.689	18.657	15.901
60	14.773	15.697	13.338	13.422	18.375	15.533
61	14.486	15.443	13.108	13.218	18.083	15.156
62	14.194	15.183	12.872	13.010	17.784	14.772
63	13.895	14.917	12.631	12.797	17.479	14.380
64	13.588	14.642	12.387	12.580	17.169	13.978
65	13.276	14.361	12.138	12.356	16.851	13.567
66	12.956	14.074	11.884	12.127	16.525	13.148
67	12.630	13.779	11.624	11.893	16.190	12.720
68	12.296	13.478	11.358	11.655	15.846	12.282
69	11.954	13.169	11.086	11.412	15.495	11.834
70	11.605	12.855	10.814	11.166	15.135	11.376
71	11.248	12.534	10.542	10.915	14.766	10.908
72	10.884	12.206	10.267	10.661	14.388	10.432
73	10.517	11.873	9.991	10.404	14.002	9.951
74	10.146	11.535	9.714	10.143	13.609	9.465
75	9.771	11.193	9.437	9.877	13.207	8.975
76	9.394	10.847	9.159	9.605	12.797	8.484
77	9.026	10.500	8.882	9.326	12.381	8.003
78	8.668	10.151	8.607	9.039	11.959	7.539
79	8.323	9.804	8.334	8.742	11.532	7.094
80	7.994	9.458	8.065	8.436	11.100	6.672
81	7.684	9.113	7.801	8.130	10.667	6.279
82	7.393	8.771	7.545	7.828	10.232	5.912
83	7.118	8.431	7.296	7.528	9.799	5.570
84	6.859	8.093	7.058	7.230	9.367	5.250
85	6.612	7.763	6.830	6.942	8.937	4.947
86	6.373	7.444	6.609	6.663	8.510	4.656
87	6.144	7.137	6.394	6.398	8.085	4.378
88	5.923	6.845	6.188	6.146	7.663	4.114
89	5.710	6.567	5.989	5.912	7.251	3.859
90	5.505	6.306	5.797	5.693	6.853	3.614
91	5.302	6.060	5.608	5.491	6.470	3.373
92	5.109	5.827	5.429	5.303	6.105	3.146
93	4.929	5.605	5.263	5.127	5.760	2.935
94	4.764	5.391	5.109	4.959	5.434	2.741
95	4.612	5.182	4.968	4.798	5.128	2.564
96	4.458	4.975	4.823	4.640	4.840	2.402
97	4.312	4.766	4.686	4.481	4.565	2.254
98	4.173	4.550	4.556	4.316	4.301	2.116
99 or older	4.037	4.319	4.429	4.136	4.042	1.985

Table 5  Factors for interests if the benefit has been deferred under Division 3A of Part 4 of NSW Superannuation Act

Age in completed years	P1 Pension valuation factor		P2 Pension valuation factor
	Male	Female	Male	Female
25	1.724	1.793	4.092	4.257
26	1.834	1.909	4.248	4.419
27	1.952	2.031	4.410	4.588
28	2.078	2.161	4.578	4.763
29	2.211	2.300	4.753	4.945
30	2.352	2.447	4.934	5.134
31	2.503	2.605	5.122	5.330
32	2.663	2.771	5.317	5.533
33	2.834	2.949	5.520	5.744
34	3.015	3.138	5.730	5.963
35	3.208	3.339	5.948	6.191
36	3.414	3.553	6.175	6.427
37	3.633	3.781	6.410	6.672
38	3.865	4.024	6.654	6.927
39	4.112	4.281	6.908	7.191
40	4.376	4.556	7.170	7.465
41	4.648	4.833	7.431	7.727
42	4.938	5.130	7.701	8.000
43	5.246	5.458	7.982	8.305
44	5.572	5.807	8.271	8.620
45	5.919	6.178	8.572	8.948
46	6.245	6.573	8.824	9.288
47	6.592	6.994	9.087	9.641
48	6.962	7.441	9.363	10.007
49	7.356	7.917	9.651	10.387
50	7.776	8.423	9.953	10.782
51	8.224	8.957	10.270	11.186
52	8.749	9.530	10.659	11.612
53	9.307	10.140	11.063	12.054
54	9.901	10.789	11.482	12.513
55	10.532	11.480	11.916	12.989
56	11.204	12.215	12.367	13.483
57	11.919	12.996	12.835	13.996
58	12.678	13.828	13.320	14.528
59	13.485	14.712	13.822	15.080
60	14.342	15.651	14.342	15.651
61	14.041	15.397	14.041	15.397
62	13.734	15.136	13.734	15.136
63	13.420	14.869	13.420	14.869
64	13.099	14.594	13.099	14.594
65	12.770	14.312	12.770	14.312
66	12.435	14.024	12.435	14.024
67	12.092	13.729	12.092	13.729
68	11.742	13.427	11.742	13.427
69	11.384	13.119	11.384	13.119
70 or more	11.018	12.804	11.018	12.804

Table 6  Proportion of optional units for which contributions are required to be made — persons who first became contributors on or before 30 June 1963

Age	Males	Females — units for retirement at 55 years	Females — units for retirement at 60 years
26	1.00	1.00	1.00
27	1.00	1.00	1.00
28	1.00	1.00	1.00
29	1.00	1.00	1.00
30	1.00	1.00	1.00
31	1.00	1.00	1.00
32	1.00	1.00	1.00
33	1.00	1.00	1.00
34	1.00	1.00	1.00
35	1.00	1.00	1.00
36	1.00	1.00	1.00
37	1.00	1.00	1.00
38	1.00	1.00	1.00
39	1.00	1.00	1.00
40	1.00	0.70	0.90
41	1.00	0.70	0.90
42	1.00	0.70	0.90
43	1.00	0.70	0.90
44	1.00	0.70	0.90
45	1.00	0.70	0.90
46	0.86	0.70	0.90
47	0.86	0.70	0.90
48	0.86	0.70	0.90
49	0.86	0.70	0.90
50	0.86	0.70	0.90
51	0.86	0.70	0.90
52	0.86	0.70	0.90
53	0.86	0.70	0.90
54	0.86	0.70	0.90
55	0.86	0.70	0.90
56	0.86	0.70	0.90
57	0.86	0.70	0.90
58	0.86	0.70	0.90
59	0.86	0.70	0.90
60	0.86	0.70	0.90
61	0.86	0.70	0.90
62	0.86	0.70	0.90
63	0.86	0.70	0.90
64	0.86	0.70	0.90
65	0.86	0.70	0.90

Table 7  Proportion of optional units for which contributions are required to be made — persons who first became contributors after 30 June 1963

Age	Males	Females — units for retirement at 55 years	Females — units for retirement at 60 years
26	1.00	1.00	1.00
27	1.00	1.00	1.00
28	1.00	1.00	1.00
29	1.00	1.00	1.00
30	1.00	1.00	1.00
31	1.00	1.00	1.00
32	1.00	1.00	1.00
33	1.00	1.00	1.00
34	1.00	1.00	1.00
35	1.00	1.00	1.00
36	1.00	1.00	1.00
37	1.00	1.00	1.00
38	1.00	1.00	1.00
39	1.00	1.00	1.00
40	1.00	0.95	0.99
41	1.00	0.90	0.98
42	1.00	0.85	0.97
43	1.00	0.80	0.96
44	1.00	0.75	0.95
45	1.00	0.70	0.93
46	0.98	0.65	0.91
47	0.96	0.60	0.87
48	0.94	0.55	0.83
49	0.92	0.50	0.79
50	0.90	0.40	0.74
51	0.85	0.40	0.68
52	0.80	0.40	0.61
53	0.75	0.40	0.54
54	0.70	0.40	0.50
55	0.65	0.40	0.50
56	0.60	0.40	0.50
57	0.55	0.40	0.50
58	0.50	0.40	0.50
59	0.50	0.40	0.50
60	0.50	0.40	0.50
61	0.50	0.40	0.50
62	0.50	0.40	0.50
63	0.50	0.40	0.50
64	0.50	0.40	0.50
65	0.50	0.40	0.50

Table 8  Valuation factors — pensioners

Age	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		Reversionary pension under section 30 or 31 of the NSW Superannuation Act
	Male	Female	Male	Female	Male	Female
25	23.049	23.311	21.621	21.807	22.717	23.144
26	22.933	23.198	21.490	21.653	22.588	23.024
27	22.811	23.080	21.354	21.494	22.454	22.900
28	22.684	22.958	21.212	21.331	22.314	22.771
29	22.552	22.830	21.065	21.163	22.168	22.636
30	22.414	22.700	20.911	20.991	22.016	22.498
31	22.271	22.563	20.750	20.814	21.858	22.355
32	22.122	22.422	20.584	20.631	21.694	22.205
33	21.968	22.275	20.419	20.443	21.524	22.050
34	21.808	22.122	20.246	20.249	21.348	21.888
35	21.642	21.962	20.067	20.049	21.165	21.720
36	21.468	21.796	19.880	19.843	20.974	21.545
37	21.288	21.625	19.684	19.630	20.775	21.365
38	21.100	21.447	19.481	19.412	20.568	21.177
39	20.906	21.262	19.277	19.189	20.354	20.982
40	20.705	21.070	19.064	18.960	20.132	20.780
41	20.481	20.842	18.817	18.614	19.901	20.570
42	20.250	20.608	18.566	18.271	19.662	20.353
43	20.009	20.390	18.304	18.015	19.413	20.126
44	19.759	20.166	18.039	17.755	19.156	19.893
45	19.499	19.931	17.762	17.489	18.889	19.649
46	19.164	19.690	17.364	17.219	18.612	19.398
47	18.821	19.438	16.966	16.944	18.326	19.136
48	18.469	19.177	16.569	16.665	18.030	18.865
49	18.107	18.908	16.173	16.383	17.722	18.586
50	17.735	18.630	15.777	16.097	17.404	18.296
51	17.356	18.335	15.380	15.787	17.077	17.997
52	17.026	18.038	15.081	15.494	16.736	17.687
53	16.686	17.731	14.774	15.195	16.386	17.366
54	16.335	17.412	14.458	14.892	16.023	17.033
55	17.269	18.657	15.249	15.849	17.269	18.657
56	16.944	18.375	14.968	15.597	16.944	18.375
57	16.607	18.083	14.681	15.341	16.607	18.083
58	16.260	17.784	14.385	15.083	16.260	17.784
59	15.901	17.479	14.080	14.820	15.901	17.479
60	15.533	17.169	13.767	14.554	15.533	17.169
61	15.156	16.851	13.447	14.283	15.156	16.851
62	14.772	16.525	13.119	14.007	14.772	16.525
63	14.380	16.190	12.784	13.725	14.380	16.190
64	13.978	15.846	12.444	13.437	13.978	15.846
65	13.567	15.495	12.096	13.141	13.567	15.495
66	13.148	15.135	11.743	12.838	13.148	15.135
67	12.720	14.766	11.381	12.528	12.720	14.766
68	12.282	14.388	11.011	12.212	12.282	14.388
69	11.834	14.002	10.635	11.892	11.834	14.002
70	11.376	13.609	10.258	11.565	11.376	13.609
71	10.908	13.207	9.883	11.235	10.908	13.207
72	10.432	12.797	9.506	10.899	10.432	12.797
73	9.951	12.381	9.126	10.560	9.951	12.381
74	9.465	11.959	8.747	10.215	9.465	11.959
75	8.975	11.532	8.368	9.864	8.975	11.532
76	8.484	11.100	7.991	9.506	8.484	11.100
77	8.003	10.667	7.614	9.137	8.003	10.667
78	7.539	10.232	7.242	8.757	7.539	10.232
79	7.094	9.799	6.875	8.363	7.094	9.799
80	6.672	9.367	6.515	7.958	6.672	9.367
81	6.279	8.937	6.162	7.551	6.279	8.937
82	5.912	8.510	5.823	7.149	5.912	8.510
83	5.570	8.085	5.495	6.750	5.570	8.085
84	5.250	7.663	5.185	6.354	5.250	7.663
85	4.947	7.251	4.890	5.970	4.947	7.251
86	4.656	6.853	4.605	5.600	4.656	6.853
87	4.378	6.470	4.330	5.247	4.378	6.470
88	4.114	6.105	4.067	4.913	4.114	6.105
89	3.859	5.760	3.816	4.602	3.859	5.760
90	3.614	5.434	3.574	4.313	3.614	5.434
91	3.373	5.128	3.337	4.045	3.373	5.128
92	3.146	4.840	3.114	3.798	3.146	4.840
93	2.935	4.565	2.907	3.567	2.935	4.565
94	2.741	4.301	2.718	3.348	2.741	4.301
95	2.564	4.042	2.544	3.136	2.564	4.042
96	2.402	3.785	2.385	2.927	2.402	3.785
97	2.254	3.525	2.237	2.717	2.254	3.525
98	2.116	3.255	2.101	2.498	2.116	3.255
99 or over	1.985	2.966	1.971	2.257	1.985	2.966

Table 9  Factors for interests if benefit has been deferred under Division 3B or 3D of Part 4 of NSW Superannuation Act

Age	Annuity factor (APFy)	Discount factor (DFy)
55	4.550	0.826
56	3.709	0.858
57	2.834	0.892
58	1.925	0.926
59	0.981	0.962
60	0.000	1.000

[3]           Schedule 2, Part 9, clause 2, table, item 2, definition of SC

omit

26A (1)

insert

26A (3)