Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (No. 1) (Cth)

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (No. 1)¹

Family Law (Superannuation) Regulations 2001

I, ROBERT MCCLELLAND, Attorney-General, make this Approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated 21 December 2010

ROBERT MCCLELLAND

Attorney-General

Name of Approval

This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (No. 1).

Commencement

This Approval commences on the day after it is registered.

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] Schedule 2, Part 7, subclause 8 (3), definition of NMProp

substitute

NMProp is the quotient of:

(a) the value of the spouse’s entitlement to the interest under the agreement or order immediately before the requirements of Division 2.2 of the Regulations were satisfied; and

(b) either:

(i) for a person who, when the requirements of Division 2.2 of the Regulations were satisfied, was an employee, other than an employee mentioned in paragraph 2 (a), (b), (c), (d), (e) or (f) — the gross value of the person’s interest, immediately before the requirements were satisfied, determined in accordance with the method set out in the table in clause 2; or

(ii) for a person who, when the requirements of Division 2.2 of the Regulations were satisfied, was an employee mentioned in subclause 5 (1) — the gross value of the person’s interest, immediately before the requirements were satisfied, determined in accordance with the method set out in the table in clause 5.

[2] Schedule 2, Part 8, clause 2, table, step 1, paragraph (a)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[3] Schedule 2, Part 8, clause 2, table, step 1, paragraph (b)

omit

the financial year commencing on 1 July before the relevant date;

insert

that financial year;

[4] Schedule 2, Part 8, clause 2, table, step 1, definition of TPCI_t, subparagraph (b) (ii)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[5] Schedule 2, Part 8, clause 2, table, step 3, subparagraph (c) (ii)

omit

‘1 July before the relevant date’

insert

‘1 July in the financial year in which the relevant date occurs’

[6] Schedule 2, Part 8, clause 2, table, step 5, definition of m

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[7] Schedule 2, Part 8, paragraph 3 (a)

substitute

(a) for the financial year in which the relevant date occurs — 1; or

[8] Schedule 2, Part 8, clause 3, table, step 1

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[9] Schedule 2, Part 8, subclause 5 (1), definition of af_t,r, paragraph (b), definition of LPS₀

omit

before the relevant date.

insert

in the financial year in which the relevant date occurs.

[10] Schedule 2, Part 8, subclause 5 (1), definition of af_t,r, paragraph (b), definition of t, paragraph (a)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[11] Schedule 2, Part 8, subclause 5 (3)

omit

paragraph (c)

insert

paragraphs (a) and (b)

[12] Schedule 2, Part 8, subclause 5 (3), definition of fraction of a year, paragraph (a)

substitute

(a) the number of days that are not included in the number of complete years of service; and

[13] Schedule 2, Part 8, paragraph 9 (c)

omit

paragraph 10 (c).

insert

paragraph 10 (c);

[14] Schedule 2, Part 8, after paragraph 9 (c)

insert

(d) if the relevant date is 29 February in a leap year, the corresponding date in a year that is not a leap year is 1 March.

[15] Schedule 2, Part 8, paragraph 10 (a)

omit

immediately before the relevant date;

insert

in the financial year in which the relevant date occurs;

[16] Schedule 2, Part 8, subclause 13 (3), definition of NMProp

substitute

NMProp is the quotient of:

(a) the value of the spouse’s entitlement under the agreement or order immediately before 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.

[17] Schedule 2, Part 8, subclause 16 (3), definition of NMProp

substitute

NMProp is the quotient of:

(a) the value of the spouse’s entitlement under the agreement or order immediately before 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.

[18] Schedule 2, Part 8, subclause 22 (3), definition of NMProp

substitute

NMProp is the quotient of:

(a) the value of the spouse’s entitlement under the agreement or order immediately before 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.

[19] Schedule 2, Part 8, Division 8.4, Table 1, note

omit

‘1 July before the relevant date’

insert

‘1 July in the financial year in which the relevant date occurs’

[20] Schedule 2, Part 8, Division 8.4, Table 1, column 1, heading

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[21] Schedule 2, after Part 9

insert

Part 10 New South Wales Parliamentary Contributory Superannuation Scheme

Division 10.1 Definitions

Definitions

(1) In this Part:

calculation year means the financial year for which a calculation is being made for paragraph (a) or (b) of step 1 or for step 3 of the method mentioned in clause 2.

de facto partner has the same meaning as in the Interpretation Act 1987 (NSW).

election year has the meaning given by subclauses (3) and (4).

Legislative Assembly means the Legislative Assembly of New South Wales.

Legislative Council means the Legislative Council of New South Wales.

minimum deferral period, for a person, is the lesser of:

(a) 3 years; and

(b) the period of time until the person turns 70.

PCS Act means the Parliamentary Contributory Superannuation Act 1971 (NSW).

PCS Scheme means the Parliamentary Contributory Superannuation Scheme established by the PCS Act.

relevant date has the same meaning as in the Family Law (Superannuation) Regulations 2001.

(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) In this Part, election year means:

(a) the financial year that, at the relevant date, includes or included the day on which the Legislative Assembly, under section 24 of the Constitution Act 1902 (NSW), is or was due to expire; and

(b) every 4th financial year following the financial year mentioned in paragraph (a).

(4) However, if, at the relevant date, the Legislative Assembly has or had expired or been dissolved and writs for a general election of Members of the Legislative Assembly issued, election year means:

(a) the financial year that includes or included the day named in the writs for taking the poll for that general election; and

(b) every 4th financial year following the financial year in which the March of the calendar year in which those writs were returned or, under section 68 of the Parliamentary Electorates and Elections Act 1912 (NSW), were due to be returned, occurs or occurred.

(5) Except for the word spouse in clause 7, an expression used in this Part and in the PCS Act or in a provision of that Act has the same meaning in this Part as it has in the PCS Act or the provision of that Act.

Note 1 The following expressions are defined in subsection 3 (1) of the PCS Act:

· member

· salary

· spouse

· trustees.

Note 2 Supplementary benefit is defined in subsection 22A (1) of the PCS Act.

Division 10.2 Interest held by member

Subdivision 10.2.1 Interest held by member — general

Method for interests held by member in the PCS Scheme

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a member.

Method

Step 1

Calculate the probability weighted employer funded accrued benefit (if any) that would be payable to, or in relation to, the person for each benefit that would be payable to the person for each of the reasons (r) mentioned in clause 8 in accordance with whichever of the following applies:

(a) if the person is less than 70 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 in the financial year in which the relevant date occurs and ending at the end of the financial year when the person would turn 70;

(b) if the person is 70 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for that financial year;

in accordance with the formula:

where:

B_t,r has the meaning given by clause 6.

s_t has the meaning given by clause 3.

p_t,r is the probability, worked out in accordance with clause 4, that the benefit would be payable to the person in the calculation year.

af_t,r has the meaning given by clause 5.

d_t is:

(a) for 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 10.4 that applies to the calculation year.

Step 2

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

Step 3

Applying the assumptions mentioned 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 mentioned in paragraph (b) of the definition of s_tis:

(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) af_t,r is:

(i) if the benefit is payable under section 22 or subsection 23 (3) of the PCS Act to, or in relation to, a person who has been entitled to receive salary as a member for a period of less than 7 years — one seventh of the period (measured in years and fractions of a year) for which the person had been entitled to receive salary as at 1 July immediately after the relevant date; or

(ii) in any other case — the factor calculated in accordance with the formula:

where:

LPS0 is the length of the period for which the person has been entitled to receive salary, expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.

t is:

(a) if the person is less than 70 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or

(b) if the person is 70 years or more on 30 June after the relevant date — 0; and

(i) for the financial year immediately after the relevant date — 1.032; or

(ii) in any other case — the discount factor that would apply to the calculation year if the reference to ‘1 July in the financial year in which the relevant date occurs’ in the heading of column 1 in Table 1 of Division 10.4 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 calculated in step 3.

Step 5

Calculate the total benefit (TB) that is payable to the person in accordance with the formula:

where:

V₀ is the amount calculated in step 2.

m is the number of complete months in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of the relevant date.

V₁ is the amount calculated in step 4.

Step 6

Calculate the gross value of the interest in accordance with the formula:

where:

TB is the total benefit that is payable to the person, calculated in accordance with step 5.

R is the reduction factor under clause 7.

Meaning of s_t

For step 1 of the method mentioned in clause 2:

s_t is:

(a) for the financial year in which the relevant date occurs — 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 a member in the calculation year, calculated in accordance with the method mentioned in the following table.

Method

Step 1

Calculate, for each year in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of 30 June immediately before the calculation year (the calculation period), the sum of:

(a) the factor that applies to the person for the definition of p_t,r in relation to a benefit payable under section 19 or 19B of the PCS Act; and

(b) the factor mentioned in Table 2 of Division 10.4 that applies given the person’s gender and the person’s age in completed years in the year for which the calculation is being made; and

(c) the factor mentioned in Table 3 of Division 10.4 that applies given the person’s gender and the person’s age in completed years in the year for which the calculation is being made.

Step 2

For each year in the calculation period, calculate the probability that the person will remain a member at the end of the year (survival factor), being 1 less the sum of the factors mentioned in step 1 that apply to the person for the year.

Step 3

Multiply the survival factor calculated 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.

Probability (p_t,r)

(1) For step 1 of the methods mentioned in clauses 2 and 3, p_t,r is:

(a) for a benefit payable under section 19 or 19B or subsection 22A (2) of the PCS Act:

(i) if the year for which the calculation is being made is not an election year — the factor mentioned in subclause (2) that applies to the person; and

(ii) if the year for which the calculation is being made is an election year and, at the relevant date, the person is in receipt of salary as a member of the Legislative Assembly — the factor mentioned in subclause (3) that applies to the person; and

(iii) if the year for which the calculation is being made is an election year and, at the relevant date, the person is in receipt of salary as a member of the Legislative Council — the factor mentioned in subclause (4) that applies to the person; and

(b) for a benefit payable under section 22 of the PCS Act — the factor mentioned in Table 2 of Division 10.4 that applies given the person’s gender and the person’s age in completed years on 1 July in the year for which the calculation is being made; and

(c) for a benefit payable under subsection 22A (4) or section 23 of the PCS Act — the factor mentioned in Table 3 of Division 10.4 that applies given the person’s gender and the person’s age in completed years on 1 July in the year for which the calculation is being made.

(2) For subparagraph (1) (a) (i), p_t,r is:

(a) for a person who, on the calculation date, will not have turned 55 — 0.02; and

(b) for a person who, on the calculation date, will have turned 55 but will not have turned 70 — 0.03; and

(c) for a person who, on the calculation date, will have turned 70 — 1.

(3) For subparagraph (1) (a) (ii), p_t,r is:

(a) for a person who, on the calculation date, will not have turned 55:

(i) if the person will have been entitled to receive salary for less than 20 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.25; and

(ii) if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.82; and

(b) for a person who, on the calculation date, will have turned 55 but will not have turned 70:

(i) if the person will have been entitled to receive salary for less than 20 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.26; and

(ii) if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.83; and

(c) for a person who, on the calculation date, will have turned 70 or will have been entitled to have received salary for at least 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 1.

(4) For subparagraph (1) (a) (iii), p_t,r is:

(a) for a person who, on the calculation date, will not have turned 55:

(i) if the person will have been entitled to receive salary for less than 7 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.02; and

(ii) if the person will have been entitled to have received salary for at least 7 years but less than 20 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.22; and

(iii) if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.82; and

(b) for a person who, on the calculation date, will have turned 55 but will not have turned 70:

(i) if the person will have been entitled to receive salary for less than 7 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.03; and

(ii) if the person will have been entitled to have received salary for at least 7 years but less than 20 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.23; and

(iii) if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.83; and

(c) for a person who, on the calculation date, will have turned 70 or will have been entitled to have received salary for at least 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 1.

(5) In this clause:

calculation date means 1 July in the year for which the calculation is being made.

Meaning of af_t,r

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

af_t,r is:

(a) if the benefit is payable to, or in relation to, a person under section 22 or subsection 23 (3) of the PCS Act who has been entitled to receive salary for less than 7 years — one seventh of the period (measured in years and fractions of a year) for which the person had been entitled to receive salary at the relevant date; or

(b) in any other case — the factor calculated in accordance with the formula:

where:

LPS0 is the period for which the person has been entitled to receive salary expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.

t is:

(a) if the person is less than 70 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or

(b) if the person is 70 years or more on 30 June after the relevant date — 0.

(2) In this clause:

anniversary date, of a person, means the anniversary of the later of:

(a) the date on which the person was first elected to the New South Wales Parliament; or

(b) the date on which the person was again elected to the New South Wales Parliament following defeat, or failure to stand, at an election after the election at which he or she was first elected.

fraction of a year means the quotient of:

(a) the number of days that are not included in the number of complete years for which the person had been entitled to receive salary; and

(b) any of the following that apply:

(i) if the length of the period for which the person had been entitled to receive salary at the relevant date is less than 1 complete year and the date ‘29 February’ occurs in the 12 months commencing on the date on which the person first became entitled to receive salary — 366;

(ii) if the length of the period for which the person had been entitled to receive salary at the relevant date is more than 1 complete year and the date ‘29 February’ occurs in the 12 months commencing on the person’s most recent anniversary date in the financial year preceding the relevant date — 366;

(iii) in any other case — 365.

(3) 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.

Valuation of benefit (B_t,r)

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

B_t,ris 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 clause 8; and

(b) takes into account the assumption that the person’s salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs; and

(c) disregards the amount of adjustment (if any) that the trustees would determine under section 26D of the PCS Act for the superannuation contributions surcharge.

(2) For subclause (1), the value of the benefit is taken to be:

(a) if the benefit is payable as an immediate lump sum only — the amount of the lump sum; or

(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 mentioned in subclause (3); or

(c) if the benefit is deferred under section 19B of the PCS Act after the member resigned — the value of the benefit calculated in accordance with the formula mentioned in subclause (4).

(3) For paragraph 2 (b), the value of the benefit is to be calculated in accordance with the formula:

where:

P is the nominal annual rate of pension that would be payable to, or in relation to, the person on the date when the person is first entitled to be paid a pension.

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

where:

PF_y+t is the immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, 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; and

(d) for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.

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 immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply 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.

RPP is:

(a) for a pension payable to, or in relation to, a person under section 19 or 22 of the PCS Act — 0.75 if:

(i) the person would have been entitled, on the assumption that he or she were to continue as a member, to receive salary; and

(ii) on 31 December in the year for which the calculation is being made, 75% of the person’s accrued pension multiple divided by BSR would be greater than 0.45; or

(b) for a pension payable under section 19 or 22 of the PCS Act to, or in relation to, a person to whom paragraph (a) does not apply — the factor calculated using the formula:

where:

BSR has the meaning given by subclause (5).

M is the number of complete months in the period commencing on the day when the person was first entitled to receive salary as a member and ending at the end of 31 December in the year for which the calculation is being made; or

(c) for a pension payable under section 23 of the PCS Act — 0.

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

where:

RPF_y+t is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, given:

(a) the person’s age in completed years (y+t) on 31 December in the year for which the calculation is being made; and

(b) the person’s gender; and

(c) the type of pension that is payable; and

(d) for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.

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 year for which the calculation is being made.

RPF_y+t+1 is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply if the person’s age in completed years on 31 December in the year for which the calculation is being made, 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:

DP is the nominal annual rate of pension that would have been payable to the person if he or she had, at the date of ceasing to be a member, turned 55.

DPF is:

(a) if the person is male — 16.620; or

(b) if the person is female — 18.285.

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

where:

DF_y+t is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that applies given the person’s gender and the person’s age in completed years (y+t) on 31 December in the year for which the calculation is being made.

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 year for which the calculation is being made.

DF_y+t+1 is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that would apply to the person if the person’s age in completed years on 31 December in the year for which the calculation is being made were 1 year more than it is.

RPP has the meaning given by subclause (3).

RPFy+t+m has the meaning given by subclause (3).

(5) For the definition of RPP in subclause (3):

accrued pension multiple, of a person, means the lesser of:

(a) 0.8; and

(b) the sum of 0.488 and 0.002 for each complete month exceeding 84 complete months for which the person would have been entitled, if he or she were to continue as a member, to receive salary.

BSR is the quotient of:

(a) the total amount of basic salary to which the person was entitled under paragraph 6 (1) (a) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which he or she was entitled as a member before the commencement of that Act) up to and including the 30 June immediately before the relevant date; and

(b) the total amount of basic salary and additional salary to which the person was entitled under paragraphs 6 (1) (a) and (b) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which the person was entitled as a member, a Minister or the holder of an office mentioned in Schedule 1 to the Parliamentary Remuneration Tribunal Act 1975 (NSW) as the Act existed before 1 July 1990, before the commencement of the Parliamentary Remuneration Act 1989 (NSW)) up to and including the 30 June immediately before the relevant date.

Reduction factor

(1) For step 6 of the method mentioned in clause 2, the reduction factor is:

(a) if the requirements of Division 2.2 of the Regulations have been satisfied for the entitlement of only 1 spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the factor calculated in accordance with the formula mentioned in subclause (2); or

(b) if the requirements of Division 2.2 of the Regulations have been satisfied for 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 mentioned in subclause (2) for each entitlement; or

(c) in any other case — 1.

(2) For paragraphs (1) (a) and (b), each factor is calculated in accordance with the formula:

where:

NMProp is the quotient of:

(a) the value of the spouse’s entitlement under the agreement or order immediately before 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 mentioned in clause 2.

CD_s is the total number of days for which the person had been entitled to receive salary at the date when the requirements of Division 2.2 of the Regulations were satisfied.

CD is the total number of days for which the person had been entitled to receive salary at the relevant date.

Subdivision 10.2.2 Reasons and assumptions about interest described in Subdivision 10.2.1

Reasons for payment of benefit

(1) Each of the events mentioned in subclauses (2) to (7) is a reason for the purposes of:

(a) step 1 of the method mentioned in clause 2; and

(b) paragraph (a) of the definition of B_t,r in subclause 6 (1).

(2) The person ceased to be a member, other than on the ground of incapacity, and was entitled to a pension under section 19 of the PCS Act.

(3) The person, who first became a member after 6 December 1999, ceased to be a member and was entitled to a pension that would be deferred under section 19B of the PCS Act.

(4) The person ceased to be a member and was entitled to a pension under section 22 of the PCS Act.

(5) The person died leaving a spouse or a de facto partner and section 23 of the PCS Act applies to the spouse or de facto partner.

(6) The person died without leaving a spouse or de facto partner, or a child to whom a pension would be payable under the PCS Act, and the personal representative of the person is entitled to an amount under subsection 22A (4) of the PCS Act in relation to the person.

(7) The person ceased to be a member before being entitled to receive salary for an aggregate period of 7 years and subsection 22A (2) of the PCS Act applies to the person.

Assumptions to be applied for steps 1 and 3 of the method in clause 2

(1) For step 1 of the method mentioned in clause 2, it is assumed that, if a benefit is payable to, or in relation to, the person under subsection 22A (2) of the PCS Act, the person is entitled to payment of the supplementary benefit under paragraph 22A (2) (a) of that Act.

(2) For step 3 of the method mentioned in clause 2, the following assumptions apply:

(a) the person remains a member;

(b) the person’s salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs;

(c) if the relevant date is 29 February in a leap year, the corresponding date in a year that is not a leap year is 1 March.

Division 10.3 Other interests

Subdivision 10.3.1 Interest for a person who was a member immediately before, or whose pension commenced to be paid before, 1 February 1990

Method — interest for person not entitled to make an election under subsection 20 (2) of PCS Act

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person who is being paid a pension under the PCS Act if:

(a) the person is not entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

(b) either:

(i) the person was a member immediately before 1 February 1990; or

(ii) the person’s pension commenced to be paid before 1 February 1990.

Method

where:

P is the annual pension amount payable to the person at the relevant date.

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

where:

P_y is the pension valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the relevant date.

P_y+1 is the pension valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

CP is:

(a) for a person who has elected under section 20 of the PCS Act to convert pension entitlements to a lump sum payment — the difference between the annual pension amount that would have been payable to the member at the relevant date if he or she had not made that election and the annual pension amount payable to the member at the relevant date; or

(b) for a person who has not elected under section 20 of the PCS Act to convert pension entitlements to a lump sum payment — 0.

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

where:

UP_y is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the relevant date.

UP_y+1 is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

R is the annual pension amount that would be payable to any surviving spouse or de facto partner of the person if the person died on the relevant date.

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

where:

R_y is the reversion valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the relevant date.

R_y+1 is the reversion valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

Method — interest for person entitled to make an election under subsection 20 (2) of the PCS Act

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person who is being paid a pension under the PCS Act if:

(a) the person is entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

(b) either:

(i) the person was a member immediately before 1 February 1990; or

(ii) the person’s pension commenced to be paid before 1 February 1990.

Method

where:

PVls is the value of a member’s entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum, calculated in accordance with the formula:

where:

P has the meaning given by clause 10.

P_y+m has the meaning given by clause 10.

UP_y+m has the meaning given by clause 10.

R has the meaning given by clause 10.

R_y+m has the meaning given by clause 10.

PVp is the value of the person’s pension entitlements calculated in accordance with the formula:

where:

P has the meaning given by clause 10.

P_y+m has the meaning given by clause 10.

R has the meaning given by clause 10.

R_y+mhas the meaning given by clause 10.

Subdivision 10.3.2 Interest relating to a suspension under subsection 25 (2) of the PCS Act

Method — interest for a person who became a member on or after 1 February 1990

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

(a) who was not a member immediately before 1 February 1990; and

(b) who did not receive a pension under the PCS Act that commenced to be paid before 1 February 1990; and

(c) whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

P is the annual pension amount that would be payable to the person at the relevant date, if the period of suspension were to conclude at that date.

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

where:

P_y is the pension valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the end of the minimum deferral period.

m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the end of the minimum deferral period.

P_y+1 is the pension valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the end of the minimum deferral period were 1 year more than it is.

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

where:

D_y is the discount valuation factor mentioned in Table 9 of Division 10.4 that applies for the minimum deferral period in complete years at the relevant date.

m is the number of complete months of the minimum deferral period that are not included in the remaining complete years of that period at the relevant date.

D_y+1 is the discount valuation factor mentioned in Table 9 of Division 10.4 that would apply if the minimum deferral period in complete years at the relevant date were 1 more year than it is.

R is the annual pension amount that would be payable to any surviving spouse or de facto partner of the person if the person died on the relevant date.

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

where:

R_y is the reversion valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

m is the number of complete months of the person’s age that are not included in the person’s age in completed years at the relevant date.

Method — interest for a person who was a member immediately before 1 February 1990 and is not entitled to make an election under subsection 20 (2) of PCS Act

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

(a) who is not entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

(b) who:

(i) was a member immediately before 1 February 1990; or

(ii) received a pension under the PCS Act that commenced to be paid before 1 February 1990; and

(c) whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

P has the meaning given by clause 12.

P_y+m has the meaning given by clause 12.

CP is the amount (if any) by which the annual pension amount payable to the person at the relevant date, if the period of suspension were to conclude at that date, would be reduced under subsection 21B (2) of the PCS Act because of an election by the person under section 20 of that Act to convert pension entitlements to a lump sum entitlement.

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

where:

UP_y is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the relevant date.

D_y+m has the meaning given by clause 12.

R has the meaning given by clause 12.

R_y+m has the meaning given by clause 12.

Method — interest for a person who was a member immediately before 1 February 1990 and is entitled to make an election under subsection 20 (2) of PCS Act

For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

(a) who is entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

(b) who:

(i) was a member immediately before 1 February 1990; or

(ii) received a pension under the PCS Act that commenced to be paid before 1 February 1990; and

(c) whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

PVls is the value of a member’s entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum at the end of the minimum deferral period, calculated in accordance with the formula:

where:

P has the meaning given by clause 12.

P_y+m has the meaning given by clause 12.

UP_y+m has the meaning given by clause 13.

D_y+m has the meaning given by clause 12.

R has the meaning given by clause 12.

R_y+mhas the meaning given by clause 12.

PVp is the value of the person’s pension entitlements calculated in accordance with the formula:

where:

P has the meaning given by clause 12.

P_y+m has the meaning given by clause 12.

D_y+m has the meaning given by clause 12.

R has the meaning given by clause 12.

R_y+m has the meaning given by clause 12.

Division 10.4 Factors and probabilities

Table 1 Discount factors

Note Step 3 of the method mentioned in clause 2 modifies the discount factor that applies to a calculation year by replacing the reference to ‘1 July in the financial year in which the relevant date occurs’ 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 1 July in the financial year in which the relevant date occurs and ending on 1 July in the year for which the calculation is being made	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 a benefit will be payable under section 22 of the PCS Act

Age of person	Factor
Age of person	Male	Female
20	0.00020	0.00010
21	0.00020	0.00010
22	0.00020	0.00010
23	0.00020	0.00010
24	0.00020	0.00010
25	0.00020	0.00020
26	0.00020	0.00020
27	0.00020	0.00020
28	0.00020	0.00030
29	0.00020	0.00030
30	0.00030	0.00040
31	0.00030	0.00040
32	0.00030	0.00050
33	0.00030	0.00050
34	0.00040	0.00060
35	0.00040	0.00060
36	0.00050	0.00070
37	0.00050	0.00080
38	0.00060	0.00090
39	0.00060	0.00090
40	0.00070	0.00100
41	0.00080	0.00110
42	0.00090	0.00130
43	0.00100	0.00140
44	0.00110	0.00150
45	0.00120	0.00160
46	0.00140	0.00180
47	0.00160	0.00190
48	0.00180	0.00200
49	0.00200	0.00220
50	0.00230	0.00240
51	0.00260	0.00260
52	0.00290	0.00280
53	0.00330	0.00310
54	0.00370	0.00330
55	0.00410	0.00370
56	0.00460	0.00400
57	0.00520	0.00430
58	0.00580	0.00470
59	0.00630	0.00500
60	0.00690	0.00540
61	0.00750	0.00580
62	0.00810	0.00610
63	0.00860	0.00650
64	0.00920	0.00690
65	0.00980	0.00730
66	0.01040	0.00760
67	0.01090	0.00800
68	0.01150	0.00840
69	0.01210	0.00880
70	0.00000	0.00000

Table 3 Probability that a benefit will be payable under subsection 22A (4) or section 23 of the PCS Act

Age of person	Factor
Age of person	Male	Female
20	0.00060	0.00021
21	0.00061	0.00020
22	0.00061	0.00019
23	0.00062	0.00018
24	0.00062	0.00018
25	0.00063	0.00019
26	0.00063	0.00020
27	0.00064	0.00020
28	0.00064	0.00022
29	0.00065	0.00023
30	0.00066	0.00025
31	0.00067	0.00026
32	0.00068	0.00028
33	0.00069	0.00029
34	0.00071	0.00031
35	0.00073	0.00033
36	0.00075	0.00035
37	0.00077	0.00037
38	0.00080	0.00039
39	0.00084	0.00042
40	0.00087	0.00045
41	0.00091	0.00048
42	0.00096	0.00052
43	0.00101	0.00057
44	0.00108	0.00062
45	0.00116	0.00068
46	0.00125	0.00075
47	0.00135	0.00083
48	0.00147	0.00091
49	0.00162	0.00101
50	0.00178	0.00112
51	0.00197	0.00123
52	0.00218	0.00136
53	0.00242	0.00150
54	0.00269	0.00165
55	0.00299	0.00182
56	0.00332	0.00200
57	0.00370	0.00220
58	0.00412	0.00241
59	0.00459	0.00264
60	0.00512	0.00289
61	0.00572	0.00316
62	0.00638	0.00347
63	0.00711	0.00382
64	0.00792	0.00421
65	0.00882	0.00465
66	0.00980	0.00514
67	0.01087	0.00569
68	0.01204	0.00631
69	0.01330	0.00700
70	0.00000	0.00000

Table 4 Immediate pension and reversion valuation factors — males

Age	Retirement pension under section 19 of the PCS Act			Invalid pension under section 22 of the PCS Act		Spouse pension under section 23 of the PCS Act
Age	Member immediately before 1 February 1990	Post 1 February 1990 member	Reversion valuation factor	Pension	Reversion valuation factor	Spouse pension under section 23 of the PCS Act
20	28.483	20.542	2.474	29.932	2.918	27.722
21	28.263	20.424	2.509	29.676	2.961	27.553
22	28.038	20.304	2.545	29.414	3.006	27.382
23	27.808	20.181	2.582	29.146	3.051	27.209
24	27.573	20.055	2.620	28.872	3.098	27.031
25	27.334	19.926	2.658	28.590	3.146	26.848
26	27.089	19.794	2.698	28.302	3.195	26.659
27	26.839	19.659	2.738	28.007	3.245	26.467
28	26.584	19.520	2.780	27.705	3.297	26.269
29	26.324	19.378	2.822	27.396	3.350	26.067
30	26.058	19.233	2.866	27.079	3.404	25.860
31	25.787	19.084	2.910	26.755	3.459	25.649
32	25.510	18.932	2.956	26.423	3.515	25.432
33	25.229	18.776	3.003	26.084	3.572	25.211
34	24.941	18.617	3.050	25.738	3.631	24.986
35	24.649	18.454	3.098	25.383	3.690	24.755
36	24.350	18.287	3.148	25.021	3.750	24.520
37	24.047	18.116	3.197	24.651	3.811	24.279
38	23.738	17.942	3.248	24.273	3.873	24.034
39	23.424	17.764	3.299	23.887	3.935	23.782
40	23.104	17.582	3.351	23.493	3.998	23.525
41	22.779	17.396	3.403	23.091	4.062	23.262
42	22.449	17.206	3.456	22.681	4.126	22.994
43	22.115	17.012	3.509	22.264	4.189	22.721
44	21.775	16.815	3.562	21.838	4.253	22.441
45	21.430	16.613	3.615	21.406	4.316	22.155
46	21.081	16.408	3.667	20.967	4.378	21.865
47	20.727	16.199	3.719	20.521	4.439	21.568
48	20.370	15.986	3.770	20.069	4.498	21.266
49	20.009	15.771	3.819	19.611	4.555	20.958
50	19.644	15.551	3.866	19.147	4.609	20.645
51	19.278	15.329	3.911	18.679	4.659	20.100
52	18.908	15.104	3.954	18.207	4.706	19.558
53	18.536	14.876	3.995	17.731	4.749	19.017
54	18.163	14.646	4.033	17.251	4.787	18.479
55	17.789	14.414	4.067	16.769	4.820	17.942
56	17.413	14.179	4.099	16.284	4.846	17.409
57	17.038	13.943	4.133	15.797	4.869	17.083
58	16.661	13.704	4.163	15.310	4.889	16.552
59	16.287	13.465	4.188	14.823	4.906	16.220
60	15.913	13.225	4.208	14.337	4.919	15.692
61	15.540	12.984	4.221	13.853	4.929	15.355
62	15.171	12.743	4.228	13.372	4.934	14.831
63	14.804	12.502	4.227	12.893	4.930	14.489
64	14.441	12.262	4.217	12.419	4.918	14.143
65	14.082	12.023	4.200	11.950	4.896	13.794
66	13.728	11.785	4.172	11.486	4.864	13.275
67	13.379	11.549	4.135	11.028	4.822	12.923
68	13.035	11.314	4.086	10.576	4.769	12.567
69	12.697	11.082	4.030	10.130	4.709	12.056
70	12.365	10.852	3.965	9.690	4.638	11.700
71	12.039	10.625	3.892	9.255	4.562	11.198
72	11.719	10.400	3.811	8.826	4.475	10.566
73	11.405	10.177	3.723	8.402	4.382	9.950
74	11.098	9.956	3.627	7.987	4.276	9.352
75	10.796	9.738	3.523	7.581	4.161	8.772
76	10.503	9.523	3.411	7.188	4.039	8.211
77	10.218	9.313	3.294	6.809	3.906	7.668
78	9.943	9.109	3.172	6.445	3.764	7.256
79	9.680	8.911	3.039	6.098	3.612	6.856
80	9.429	8.721	2.895	5.768	3.450	6.366
81	9.190	8.538	2.744	5.457	3.276	5.997
82	8.964	8.365	2.581	5.163	3.090	5.549
83	8.752	8.200	2.411	4.889	2.902	5.124
84	8.552	8.044	2.234	4.634	2.712	4.808
85	8.367	7.898	2.041	4.400	2.520	4.424
86	8.195	7.761	1.837	4.186	2.326	4.061
87	8.037	7.635	2.064	3.996	2.130	3.720
88	7.894	7.520	1.904	3.830	1.930	3.400
89	7.766	7.417	1.743	3.691	1.725	3.102
90	7.653	7.326	1.580	3.573	1.529	2.826
91	7.556	7.247	1.412	3.468	1.346	2.510
92	7.472	7.180	1.252	3.365	1.177	2.221
93	7.395	7.118	1.101	3.264	1.023	1.957
94	7.319	7.057	0.960	3.166	0.883	1.715
95	7.245	6.997	0.829	3.069	0.757	1.493
96	7.171	6.938	0.708	2.971	0.648	1.289
97	7.097	6.878	0.597	2.874	0.556	1.099
98	7.023	6.818	0.496	2.777	0.470	0.923
99	6.948	6.757	0.406	2.680	0.390	0.758
100	6.872	6.695	0.327	2.581	0.315	0.604
101	6.793	6.631	0.263	2.478	0.246	0.501
102	6.711	6.563	0.204	2.365	0.184	0.405
103	6.623	6.491	0.152	2.236	0.131	0.314
104	6.525	6.409	0.108	2.076	0.089	0.228
105	6.413	6.315	0.074	1.866	0.063	0.110
106	6.279	6.200	0.053	1.572	0.043	0.000
107	6.113	6.054	0.037	1.143	0.031	0.000
108	5.901	5.863	0.027	0.494	0.031	0.000
109	5.623	5.604	0.026	0.000	0.000	0.000
110	5.252	5.247	0.000	0.000	0.000	0.000

Table 5 Immediate pension and reversion valuation factors — females

Age	Retirement pension under section 19 of the PCS Act			Invalid pension under section 22 of the PCS Act		Spouse pension under section 23 of the PCS Act
Member immediately before 1 February 1990	Post 1 February 1990 member	Reversion valuation factor	Pension	Reversion valuation factor		Spouse pension under section 23 of the PCS Act
20	29.762	21.240	0.860	31.497	1.206	21.572
21	29.553	21.130	0.874	31.255	1.228	21.410
22	29.340	21.017	0.888	31.006	1.250	21.244
23	29.121	20.901	0.903	30.751	1.272	21.074
24	28.898	20.782	0.919	30.490	1.295	20.900
25	28.669	20.660	0.935	30.223	1.319	20.722
26	28.436	20.535	0.951	29.950	1.342	20.539
27	28.198	20.408	0.968	29.671	1.366	20.352
28	27.955	20.277	0.985	29.386	1.390	20.160
29	27.707	20.144	1.002	29.095	1.415	19.965
30	27.455	20.007	1.019	28.797	1.439	19.763
31	27.198	19.868	1.036	28.494	1.463	19.558
32	26.936	19.726	1.053	28.184	1.488	19.348
33	26.670	19.581	1.070	27.867	1.512	19.132
34	26.398	19.432	1.088	27.543	1.537	18.912
35	26.121	19.280	1.105	27.212	1.562	18.687
36	25.839	19.125	1.122	26.874	1.587	18.457
37	25.552	18.966	1.140	26.530	1.612	18.221
38	25.260	18.804	1.157	26.178	1.637	17.981
39	24.962	18.639	1.174	25.818	1.661	17.735
40	24.660	18.470	1.192	25.452	1.686	17.484
41	24.352	18.297	1.209	25.079	1.710	17.227
42	24.039	18.121	1.225	24.698	1.733	16.966
43	23.722	17.942	1.241	24.311	1.756	16.700
44	23.400	17.758	1.257	23.917	1.777	16.428
45	23.073	17.572	1.272	23.516	1.798	16.150
46	22.741	17.382	1.287	23.108	1.818	16.714
47	22.406	17.189	1.299	22.694	1.834	16.204
48	22.065	16.992	1.310	22.274	1.849	15.698
49	21.721	16.792	1.321	21.847	1.862	15.194
50	21.373	16.588	1.330	21.414	1.874	14.694
51	21.021	16.382	1.338	20.976	1.885	14.199
52	20.665	16.172	1.345	20.531	1.893	13.707
53	20.306	15.959	1.350	20.081	1.899	13.221
54	19.944	15.743	1.354	19.625	1.904	12.740
55	19.579	15.524	1.357	19.163	1.906	12.266
56	19.210	15.301	1.358	18.697	1.906	11.797
57	18.839	15.076	1.357	18.224	1.904	11.334
58	18.465	14.848	1.354	17.747	1.901	10.879
59	18.090	14.617	1.350	17.264	1.895	10.431
60	17.711	14.382	1.344	16.776	1.886	9.991
61	17.331	14.145	1.337	16.284	1.875	9.709
62	16.949	13.906	1.327	15.788	1.861	9.427
63	16.566	13.663	1.314	15.289	1.842	9.147
64	16.182	13.419	1.297	14.786	1.818	8.866
65	15.797	13.172	1.278	14.282	1.790	8.588
66	15.413	12.923	1.254	13.776	1.755	8.184
67	15.030	12.673	1.227	13.269	1.716	7.790
68	14.647	12.421	1.197	12.762	1.672	7.288
69	14.266	12.168	1.165	12.255	1.625	6.805
70	13.887	11.915	1.130	11.748	1.575	6.341
71	13.511	11.661	1.092	11.243	1.522	5.896
72	13.139	11.407	1.052	10.740	1.465	5.468
73	12.769	11.153	1.010	10.240	1.405	5.060
74	12.404	10.899	0.965	9.747	1.341	4.668
75	12.045	10.647	0.918	9.261	1.273	4.296
76	11.691	10.496	0.868	8.786	1.200	3.944
77	11.346	10.149	0.815	8.324	1.123	3.610
78	11.010	9.907	0.759	7.876	1.039	3.216
79	10.685	9.670	0.701	7.442	0.955	2.848
80	10.370	9.439	0.642	7.021	0.872	2.505
81	10.068	9.214	0.583	6.614	0.789	2.187
82	9.776	8.996	0.525	6.221	0.708	1.893
83	9.496	8.784	0.469	5.843	0.630	1.620
84	9.227	8.578	0.415	5.484	0.556	1.367
85	8.970	8.380	0.364	5.146	0.485	1.194
86	8.727	8.191	0.314	4.832	0.414	0.976
87	8.500	8.012	0.267	4.545	0.349	0.775
88	8.289	7.845	0.227	4.283	0.294	0.642
89	8.096	7.691	0.189	4.047	0.242	0.519
90	7.920	7.550	0.154	3.835	0.196	0.404
91	7.761	7.422	0.125	3.643	0.157	0.345
92	7.617	7.305	0.096	3.467	0.118	0.241
93	7.486	7.199	0.075	3.304	0.091	0.188
94	7.364	7.100	0.057	3.154	0.067	0.138
95	7.252	7.008	0.043	3.015	0.049	0.090
96	7.148	6.922	0.035	2.885	0.038	0.044
97	7.050	6.841	0.034	2.764	0.037	0.043
98	6.958	6.765	0.033	2.650	0.036	0.042
99	6.871	6.693	0.032	2.541	0.035	0.041
100	6.786	6.623	0.030	2.435	0.033	0.039
101	6.703	6.554	0.029	2.328	0.032	0.038
102	6.620	6.485	0.027	2.216	0.030	0.037
103	6.533	6.412	0.025	2.093	0.029	0.035
104	6.440	6.334	0.022	1.946	0.027	0.034
105	6.335	6.245	0.019	1.757	0.024	0.000
106	6.212	6.139	0.016	1.495	0.022	0.000
107	6.060	6.006	0.012	1.105	0.019	0.000
108	5.866	5.830	0.008	0.494	0.017	0.000
109	5.607	5.589	0.004	0.000	0.000	0.000
110	5.252	5.247	0.000	0.000	0.000	0.000

Table 6 Deferred pension valuation factors

Age	Male	Female
20	0.411	0.422
21	0.421	0.433
22	0.432	0.443
23	0.443	0.454
24	0.454	0.465
25	0.465	0.476
26	0.477	0.488
27	0.489	0.500
28	0.501	0.512
29	0.513	0.525
30	0.526	0.537
31	0.539	0.551
32	0.553	0.564
33	0.567	0.578
34	0.581	0.592
35	0.596	0.607
36	0.611	0.621
37	0.626	0.637
38	0.642	0.652
39	0.658	0.669
40	0.675	0.685
41	0.692	0.702
42	0.710	0.719
43	0.728	0.737
44	0.747	0.756
45	0.766	0.775
46	0.786	0.794
47	0.807	0.814
48	0.828	0.835
49	0.850	0.856
50	0.872	0.878
51	0.896	0.901
52	0.920	0.925
53	0.946	0.949
54	0.972	0.974
55	1.000	1.000

Table 7 Pension and reversion valuation factors — pensions in payment and suspended pensions

Age at relevant date (in completed years)	Pension and reversion valuation factors
	Male		Female
	Pension	Reversion	Pension	Reversion
18	31.5392	2.0502	32.9054	0.8460
19	31.3119	2.0845	32.6943	0.8620
20	31.0823	2.1177	32.4791	0.8780
21	30.8476	2.1514	32.2590	0.8942
22	30.6073	2.1860	32.0329	0.9112
23	30.3613	2.2214	31.8008	0.9288
24	30.1093	2.2577	31.5629	0.9470
25	29.8513	2.2949	31.3191	0.9656
26	29.5871	2.3330	31.0696	0.9847
27	29.3164	2.3720	30.8143	1.0042
28	29.0392	2.4121	30.5533	1.0239
29	28.7553	2.4532	30.2864	1.0440
30	28.4648	2.4953	30.0138	1.0644
31	28.1671	2.5384	29.7352	1.0849
32	27.8625	2.5825	29.4505	1.1058
33	27.5509	2.6275	29.1598	1.1268
34	27.2318	2.6736	28.8627	1.1481
35	26.9057	2.7205	28.5590	1.1698
36	26.5721	2.7684	28.2486	1.1917
37	26.2311	2.8172	27.9314	1.2140
38	25.8824	2.8669	27.6073	1.2365
39	25.5262	2.9173	27.2764	1.2593
40	25.1622	2.9686	26.9383	1.2822
41	24.7903	2.9200	26.5933	1.2271
42	24.4106	2.8686	26.2411	1.1692
43	24.0231	2.8142	25.8820	1.1087
44	23.6279	2.7567	25.5159	1.0453
45	23.2249	2.6960	25.1430	0.9790
46	22.8144	2.6318	24.7632	0.9099
47	22.3965	2.5641	24.3764	0.8379
48	21.9715	2.4926	23.9830	0.7630
49	21.5398	2.4171	23.5828	0.6852
50	21.1015	2.3377	23.1761	0.6046
51	20.6571	2.0168	22.7628	0.5212
52	20.2070	1.6849	22.3430	0.4351
53	19.7515	1.3422	21.9170	0.3463
54	19.2910	0.9891	21.4847	0.2550
55	18.8258	0.6259	21.0463	0.1613
56	18.3565	0.6333	20.6017	0.1631
57	17.8836	0.6402	20.1513	0.1648
58	17.4074	0.6467	19.6949	0.1665
59	16.9288	0.6527	19.2325	0.1681
60	16.4483	0.6581	18.7641	0.1696
61	15.9668	0.6628	18.2900	0.1710
62	15.4849	0.6668	17.8104	0.1723
63	15.0034	0.6701	17.3256	0.1736
64	14.5232	0.6725	16.8361	0.1747
65	14.0448	0.6740	16.3424	0.1757
66	13.5691	0.6747	15.8449	0.1765
67	13.0966	0.6743	15.3442	0.1773
68	12.6279	0.6731	14.8409	0.1779
69	12.1636	0.6708	14.3356	0.1783
70	11.7039	0.6675	13.8288	0.1786
71	11.2490	0.6633	13.3211	0.1788
72	10.7986	0.6581	12.8129	0.1788
73	10.3529	0.6521	12.3046	0.1786
74	9.9114	0.6453	11.7973	0.1784
75	9.4751	0.6377	11.2925	0.1779
76	9.0457	0.6292	10.7919	0.1774
77	8.6255	0.6197	10.2979	0.1766
78	8.2168	0.6092	9.8127	0.1757
79	7.8213	0.5977	9.3386	0.1746
80	7.4407	0.5852	8.8770	0.1733
81	7.0760	0.5717	8.4279	0.1718
82	6.7283	0.5573	7.9910	0.1703
83	6.3983	0.5421	7.5664	0.1686
84	6.0869	0.5261	7.1553	0.1669
85	5.7945	0.5095	6.7594	0.1651
86	5.5219	0.4925	6.3813	0.1632
87	5.2699	0.4750	6.0237	0.1612
88	5.0397	0.4574	5.6900	0.1590
89	4.8327	0.4395	5.3818	0.1564
90	4.6505	0.4217	5.0996	0.1535
91	4.4944	0.4039	4.8430	0.1502
92	4.3595	0.3863	4.6099	0.1464
93	4.2355	0.3691	4.3966	0.1421
94	4.1143	0.3526	4.1992	0.1374
95	3.9940	0.3364	4.0152	0.1322
96	3.8753	0.3202	3.8434	0.1264
97	3.7562	0.3038	3.6824	0.1199
98	3.6357	0.2867	3.5304	0.1125
99	3.5135	0.2683	3.3855	0.1041
100	3.3890	0.2481	3.2455	0.0944
101	3.2607	0.2250	3.1076	0.0831
102	3.1260	0.1977	2.9686	0.0700
103	2.9807	0.1645	2.8239	0.0549
104	2.8184	0.1230	2.6672	0.0377
105	2.6294	0.0697	2.4895	0.0190
106	2.3996	0.0000	2.2773	0.0000
107	2.1083	0.0000	2.0109	0.0000
108	1.7256	0.0000	1.6601	0.0000
109	1.2082	0.0000	1.1785	0.0000
110	0.4941	0.0000	0.4941	0.0000

Table 8 Unindexed pension valuation factors — pensions in payment and suspended pensions

Age at relevant date (in completed years)		Unindexed pension valuation factor
Age at relevant date (in completed years)		Male	Female
18	15.2550		15.4795
19	15.2277		15.4585
20	15.2002		15.4365
21	15.1713		15.4133
22	15.1406		15.3883
23	15.1081		15.3614
24	15.0735		15.3326
25	15.0367		15.3020
26	14.9976		15.2694
27	14.9561		15.2349
28	14.9120		15.1983
29	14.8650		15.1597
30	14.8153		15.1188
31	14.7623		15.0757
32	14.7061		15.0301
33	14.6465		14.9820
34	14.5832		14.9312
35	14.5162		14.8774
36	14.4453		14.8204
37	14.3702		14.7602
38	14.2906		14.6966
39	14.2065		14.6293
40	14.1175		14.5583
41	14.0234		14.4833
42	13.9240		14.4042
43	13.8191		14.3208
44	13.7085		14.2332
45	13.5919		14.1410
46	13.4693		14.0442
47	13.3404		13.9425
48	13.2052		13.8358
49	13.0637		13.7240
50	12.9156		13.6069
51	12.7609		13.4844
52	12.5997		13.3562
53	12.4319		13.2223
54	12.2575		13.0824
55	12.0764		12.9364
56	11.8886		12.7841
57	11.6943		12.6252
58	11.4934		12.4596
59	11.2862		12.2869
60	11.0730		12.1068
61	10.8540		11.9191
62	10.6295		11.7238
63	10.3997		11.5207
64	10.1653		11.3099
65	9.9265		11.0912
66	9.6836		10.8648
67	9.4371		10.6307
68	9.1873		10.3891
69	8.9346		10.1400
70	8.6790		9.8836
71	8.4207		9.6200
72	8.1596		9.3492
73	7.8955		9.0714
74	7.6282		8.7870
75	7.3582		8.4969
76	7.0868		8.2023
77	6.8161		7.9050
78	6.5477		7.6066
79	6.2834		7.3091
80	6.0247		7.0137
81	5.7729		6.7207
82	5.5290		6.4300
83	5.2943		6.1420
84	5.0695		5.8578
85	4.8558		5.5791
86	4.6542		5.3083
87	4.4657		5.0483
88	4.2918		4.8023
89	4.1345		4.5724
90	3.9956		4.3599
91	3.8770		4.1650
92	3.7753		3.9868
93	3.6821		3.8227
94	3.5907		3.6698
95	3.4995		3.5264
96	3.4092		3.3917
97	3.3182		3.2650
98	3.2257		3.1450
99	3.1314		3.0302
100	3.0351		2.9190
101	2.9355		2.8093
102	2.8303		2.6984
103	2.7160		2.5823
104	2.5866		2.4555
105	2.4331		2.3095
106	2.2416		2.1315
107	1.9911		1.9016
108	1.6502		1.5886
109	1.1714		1.1428
110	0.4845		0.4845

Table 9 Discount valuation factors — suspended pensions

Minimum deferral period for pension (in complete years)	Discount valuation factors
0	1.000
1	0.977
2	0.954
3	0.932
4	0.911
5	0.891
6	0.871
7	0.852
8	0.833
9	0.814
10	0.796
11	0.779
12	0.762
13	0.745
14	0.728
15	0.712
16	0.696
17	0.681
18	0.666
19	0.651
20	0.637
21	0.622
22	0.609
23	0.595
24	0.582
25	0.569
26	0.556
27	0.544
28	0.532
29	0.520
30	0.508
31	0.497
32	0.486
33	0.475
34	0.464
35	0.454
36	0.443
37	0.433
38	0.424
39	0.414
40	0.405

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See

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Citations

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (No. 1) (Cth)

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