Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2013 (No. 1) (Cth)

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2013 (No. 1)

I, Mark Dreyfus, Attorney‑General, make the following approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated:              12 March 2013

Mark Dreyfus

Attorney‑General

Contents

1............ Name of approval................................................................................ 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 1

4............ Schedule(s)......................................................................................... 1

Schedule 1—Amendments  2

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003  2

1  Name of approval

This approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2013 (No. 1).

2  Commencement

This approval commences on 15 March 2013.

3  Authority

This approval is made under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

4  Schedule(s)

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003

1  At the end of Schedule 1

Add:

Part 6—Judges’ Pensions Act Scheme

Division 6.1—Interpretation

1  Definitions

(1)  In this Part:

Judge has the same meaning as in the Pensions Act.

Pensions Act means the Judges’ Pensions Act 1968.

Scheme means the scheme constituted by the Pensions Act.

(2)  An expression used in this Part and in the Pensions Act has the same meaning in this Part as it has in the Pensions Act.

Division 6.2—Interests in the growth phase

2  Methods and factors for interests of members in the Scheme

For an interest that is in the growth phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

Item	Interest in the growth phase	Method or factor
1	An interest that a person has in the Scheme, being a person who: (a) is a Judge; and (b) is to cease to hold office as a Judge when he or she reaches a particular age; and (c) will, by the time he or she reaches that age, have served as a Judge for at least 6 years.	(a) The approved method is:       where:       APF has the same meaning as in the Pensions Act.       F has the meaning given by paragraph (b).       LS is the benefit that would have been payable under section 12A of the Pensions Act, after taking into account any reduction under section 17AF, if the person had died on the relevant date and no spouse or orphan pension had been payable.       LSF has the meaning given by paragraph (c).       RAPF is the component (APF × Transfer factor) in the formula in subsection 17AD(5) of the Pensions Act, as modified under section 17AE of that Act if applicable.       S is the annual salary payable to the person as a Judge at the relevant date. (b) For paragraph (a), F is determined in accordance with the following formula:       where:       Fy,a is the valuation factor mentioned in whichever of Tables 1A to 1D is applicable that applies to the person having regard to the person’s gender, compulsory retirement age, age in completed years at the relevant date and the age in completed years at which the person can first retire with a pension.       Fy+1,a is the valuation factor mentioned in whichever of Tables 1A to 1D is applicable that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.       Fy,a+1 is the valuation factor mentioned in whichever of Tables 1A to 1D is applicable that would apply if the age in completed years at which the person can first retire with a pension were 1 year more than it is.       Fy+1,a+1 is the valuation factor mentioned in whichever of Tables 1A to 1D is applicable that would apply if, at the relevant date, both the person’s age in completed years and the age in completed years at which the person can first retire were 1 year more than they are.       m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age.       ma is the number of complete months of the age at which the person can first retire with a pension that are not included in the age in completed years. (c) For paragraph (a), LSF is determined in accordance with the following formula: where:       LSFy,a is the lump sum valuation factor mentioned in whichever of Tables 2A to 2D is applicable that applies to the person having regard to the person’s gender, compulsory retirement age, age in completed years at the relevant date and the age in completed years at which the person can first retire with a pension.       LSFy+1,a is the lump sum valuation factor mentioned in whichever of Tables 2A to 2D is applicable that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.       LSFy,a+1 is the lump sum valuation factor mentioned in whichever of Tables 2A to 2D is applicable that would apply if the age in completed years at which the person can first retire with a pension were 1 year more than it is.       LSFy+1,a+1 is the lump sum valuation factor mentioned in whichever of Tables 2A to 2D is applicable that would apply if, at the relevant date, both the person’s age in completed years and the age in completed years at which the person can first retire were 1 year more than they are.       m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age.       ma is the number of complete months of the age at which the person can first retire with a pension that are not included in the age in completed years.
2	An interest that a person has in the Scheme, being a person who: (a) is a Judge; and (b) is to cease to hold office as a Judge upon his or her attaining a particular age; and (c) will, by the time he or she attains that age, have served as a Judge for less than 6 years.	The benefit that would have been payable under section 12A of the Pensions Act, after taking into account any reduction under section 17AF, if the person had died on the relevant date and no spouse or orphan pension had been payable.
3	An interest that a person has in the Scheme, being a person who: (a) is a Judge; and (b) is not to cease to hold office as a Judge upon his or her attaining a particular age.	where: HP is the annual rate of pension that would be payable to the person if the person retired on the relevant date. m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age. PFy is the pension valuation factor mentioned in Table 3 in relation to an age pension for the person’s gender and age in completed years at the relevant date. PFy+1 is the pension valuation factor mentioned in Table 3 in relation to an age pension that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.
4	An interest that a person has as a result of an entitlement to an associate deferred pension (not yet payable) in accordance with section 17AB of the Pensions Act.	where: ATA is the amount calculated under step 2A of section 8 of the Judges’ Pensions Order 2013, but with the reference to the time when the associate deferred pension becomes payable taken to be a reference to the relevant date. m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age. PFy is the pension valuation factor mentioned in Table 3 in relation to a spouse pension for the person’s gender and age in completed years at the relevant date. PFy+1 is the pension valuation factor mentioned in Table 3 in relation to a spouse pension that would apply if the person’s age in completed years at the relevant date were 1 year more than it is. SVPFy is the scheme value pension factor mentioned in Table 4 for the person’s gender and age in completed years at the relevant date. SVPFy+1 is the scheme value pension factor mentioned in Table 4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

Division 6.3—Interests in the payment phase

3  Methods and factors for interests of members in the Scheme

For an interest that is in the payment phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

Item	Interest in the payment phase	Method or factor
1	An interest that a person has in the Scheme as a result of being paid a pension under the Pensions Act.	where: AP is the annual rate of pension payable to the person at the relevant date. m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age. PFy is the pension valuation factor mentioned in Table 3 for the person’s pension type, gender and age in completed years at the relevant date. PFy+1 is the pension valuation factor mentioned in Table 3 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

Division 6.4—Factors

Table 1A  Valuation factors for serving judges (F)—males with compulsory retiring age of 65

Age at which eligible to retire with pension
Age	60	61	62	63	64	65
30 or less	9.6614
31	9.8644
32	10.0713
33	10.2821
34	10.4963
35	10.7142
36	10.9356
37	11.1608
38	11.3896
39	11.6232
40	11.8618
41	12.0594
42	12.2599
43	12.4634
44	12.6693
45	12.8775
46	13.0882
47	13.3019
48	13.5187
49	13.7389
50	13.9628	13.5603
51	14.0771	13.6640	13.4405
52	14.1910	13.7671	13.5376	13.3646
53	14.3046	13.8695	13.6340	13.4564	13.3401
54	14.4185	13.9719	13.7302	13.5478	13.4284	13.3760
55	14.5331	14.0745	13.8264	13.6391	13.5165	13.4626
56	14.8362	14.3654	14.1106	13.9183	13.7924	13.7371
57	15.1475	14.6638	14.4020	14.2045	14.0752	14.0183
58	15.4671	14.9697	14.7005	14.4974	14.3644	14.3059
59	15.7969	15.2850	15.0079	14.7989	14.6620	14.6018
60	16.1390	15.6118	15.3265	15.1112	14.9702	14.9082
61	15.9518	15.9518	15.6578	15.4360	15.2908	15.2268
62	16.0032	16.0032	16.0032	15.7746	15.6248	15.5588
63	16.1279	16.1279	16.1279	16.1279	15.9735	15.9054
64	16.3378	16.3378	16.3378	16.3378	16.3378	16.2676
65	16.6464	16.6464	16.6464	16.6464	16.6464	16.6464

Table 1B  Valuation factors for serving judges (F)—females with compulsory retiring age of 65

Age at which eligible to retire with pension
Age	60	61	62	63	64	65
30 or less	9.7260
31	9.9329
32	10.1432
33	10.3569
34	10.5743
35	10.7956
36	11.0207
37	11.2499
38	11.4834
39	11.7209
40	11.9622
41	12.1761
42	12.3928
43	12.6123
44	12.8355
45	13.0625
46	13.2935
47	13.5288
48	13.7689
49	14.0132
50	14.2621	13.8574
51	14.5158	14.1004	13.8753
52	14.7750	14.3486	14.1175	13.9431
53	15.0400	14.6022	14.3650	14.1859	14.0688
54	15.3117	14.8620	14.6183	14.4343	14.3140	14.2618
55	15.5910	15.1288	14.8783	14.6893	14.5656	14.5118
56	15.9192	15.4440	15.1865	14.9921	14.8649	14.8097
57	16.2588	15.7699	15.5050	15.3050	15.1742	15.1173
58	16.6113	16.1079	15.8352	15.6293	15.4946	15.4359
59	16.9767	16.4581	16.1771	15.9650	15.8262	15.7658
60	17.3559	16.8214	16.5319	16.3133	16.1702	16.1079
61	17.1989	17.1989	16.9003	16.6749	16.5274	16.4632
62	17.2847	17.2847	17.2847	17.0522	16.9001	16.8338
63	17.4464	17.4464	17.4464	17.4464	17.2894	17.2209
64	17.6970	17.6970	17.6970	17.6970	17.6970	17.6263
65	18.0519	18.0519	18.0519	18.0519	18.0519	18.0519

Table 1C  Valuation factors for serving judges (F)—males with compulsory retiring age of 70

Age at which eligible to retire with pension
Age	60	61	62	63	64	65	66	67	68	69	70
30 or less	9.0124
31	9.2003
32	9.3916
33	9.5865
34	9.7845
35	9.9856
36	10.1899
37	10.3974
38	10.6081
39	10.8231
40	11.0427
41	11.2208
42	11.4014
43	11.5844
44	11.7693
45	11.9559
46	12.1443
47	12.3352
48	12.5284
49	12.7245
50	12.9235	12.3375
51	13.0125	12.4116	12.0489
52	13.1005	12.4842	12.1122	11.7808
53	13.1875	12.5553	12.1738	11.8339	11.5374
54	13.2741	12.6255	12.2342	11.8856	11.5815	11.3239
55	13.3605	12.6950	12.2935	11.9360	11.6241	11.3600	11.0198
56	13.6332	12.9501	12.5380	12.1710	11.8509	11.5799	11.2308	10.9447
57	13.9126	13.2110	12.7878	12.4109	12.0823	11.8040	11.4456	11.1519	10.9291
58	14.1984	13.4771	13.0421	12.6547	12.3169	12.0309	11.6627	11.3609	11.1320	10.9222
59	14.4922	13.7500	13.3025	12.9040	12.5565	12.2623	11.8836	11.5731	11.3377	11.1221	11.0218
60	14.7965	14.0323	13.5716	13.1613	12.8037	12.5009	12.1111	11.7916	11.5494	11.3274	11.2242
61	14.3258	14.3258	13.8512	13.4287	13.0604	12.7486	12.3473	12.0183	11.7689	11.5404	11.4341
62	14.1425	14.1425	14.1425	13.7072	13.3277	13.0066	12.5932	12.2543	11.9974	11.7621	11.6525
63	13.9977	13.9977	13.9977	13.9977	13.6066	13.2756	12.8495	12.5003	12.2356	11.9931	11.8801
64	13.8982	13.8982	13.8982	13.8982	13.8982	13.5569	13.1177	12.7578	12.4849	12.2349	12.1184
65	13.8517	13.8517	13.8517	13.8517	13.8517	13.8517	13.3987	13.0276	12.7463	12.4885	12.3683
66	13.6936	13.6936	13.6936	13.6936	13.6936	13.6936	13.6936	13.3107	13.0206	12.7547	12.6307
67	13.6081	13.6081	13.6081	13.6081	13.6081	13.6081	13.6081	13.6081	13.3087	13.0344	12.9065
68	13.6117	13.6117	13.6117	13.6117	13.6117	13.6117	13.6117	13.6117	13.6117	13.3286	13.1965
69	13.6381	13.6381	13.6381	13.6381	13.6381	13.6381	13.6381	13.6381	13.6381	13.6381	13.5017
70	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232	13.8232

Table 1D  Valuation factors for serving judges (F)—females with compulsory retiring age of 70

Age at which eligible to retire with pension
Age	60	61	62	63	64	65	66	67	68	69	70
30 or less	9.0622
31	9.2537
32	9.4482
33	9.6457
34	9.8464
35	10.0507
36	10.2583
37	10.4696
38	10.6847
39	10.9033
40	11.1252
41	11.3187
42	11.5145
43	11.7124
44	11.9135
45	12.1177
46	12.3253
47	12.5364
48	12.7516
49	12.9702
50	13.1926	12.5991
51	13.4189	12.8099	12.4415
52	13.6497	13.0247	12.6466	12.3088
53	13.8855	13.2439	12.8558	12.5090	12.2056
54	14.1266	13.4677	13.0691	12.7130	12.4014	12.1367
55	14.3739	13.6969	13.2874	12.9215	12.6014	12.3294	11.9782
56	14.6688	13.9729	13.5520	13.1760	12.8470	12.5675	12.2066	11.9098
57	14.9734	14.2576	13.8247	13.4380	13.0997	12.8123	12.4411	12.1360	11.9043
58	15.2888	14.5520	14.1064	13.7084	13.3603	13.0645	12.6826	12.3686	12.1302	11.9117
59	15.6154	14.8565	14.3977	13.9878	13.6293	13.3248	12.9316	12.6085	12.3630	12.1380	12.0345
60	15.9540	15.1722	14.6994	14.2772	13.9079	13.5942	13.1892	12.8564	12.6035	12.3718	12.2652
61	15.4998	15.4998	15.0125	14.5773	14.1967	13.8735	13.4562	13.1132	12.8527	12.6139	12.5040
62	15.3389	15.3389	15.3389	14.8902	14.4978	14.1645	13.7343	13.3807	13.1122	12.8661	12.7527
63	15.2169	15.2169	15.2169	15.2169	14.8121	14.4684	14.0247	13.6600	13.3831	13.1292	13.0122
64	15.1409	15.1409	15.1409	15.1409	15.1409	14.7861	14.3282	13.9519	13.6660	13.4040	13.2832
65	15.1193	15.1193	15.1193	15.1193	15.1193	15.1193	14.6464	14.2578	13.9626	13.6921	13.5673
66	14.9816	14.9816	14.9816	14.9816	14.9816	14.9816	14.9816	14.5800	14.2750	13.9954	13.8663
67	14.9202	14.9202	14.9202	14.9202	14.9202	14.9202	14.9202	14.9202	14.6047	14.3155	14.1820
68	14.9542	14.9542	14.9542	14.9542	14.9542	14.9542	14.9542	14.9542	14.9542	14.6549	14.5166
69	15.0152	15.0152	15.0152	15.0152	15.0152	15.0152	15.0152	15.0152	15.0152	15.0152	14.8719
70	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506	15.2506

Table 2A  Lump sum valuation factors for serving judges (LSF)—males with compulsory retiring age of 65

Age at which eligible to retire with pension
Age	60	61	62	63	64	65
30 or less	0.0126
31	0.0125
32	0.0124
33	0.0122
34	0.0121
35	0.0120
36	0.0118
37	0.0117
38	0.0115
39	0.0113
40	0.0112
41	0.0115
42	0.0118
43	0.0121
44	0.0124
45	0.0126
46	0.0128
47	0.0129
48	0.0130
49	0.0130
50	0.0129	0.0137
51	0.0136	0.0144	0.0149
52	0.0141	0.0151	0.0156	0.0160
53	0.0145	0.0155	0.0161	0.0165	0.0168
54	0.0147	0.0157	0.0163	0.0168	0.0171	0.0172
55	0.0146	0.0158	0.0164	0.0169	0.0173	0.0174
56	0.0134	0.0146	0.0152	0.0158	0.0161	0.0162
57	0.0122	0.0133	0.0140	0.0145	0.0148	0.0149
58	0.0108	0.0120	0.0126	0.0131	0.0135	0.0136
59	0.0093	0.0105	0.0112	0.0117	0.0120	0.0121
60	0.0077	0.0089	0.0095	0.0101	0.0104	0.0105
61	0.0071	0.0071	0.0078	0.0083	0.0087	0.0088
62	0.0059	0.0059	0.0059	0.0064	0.0067	0.0069
63	0.0043	0.0043	0.0043	0.0043	0.0047	0.0048
64	0.0024	0.0024	0.0024	0.0024	0.0024	0.0025
65	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Table 2B  Lump sum valuation factors for serving judges (LSF)—females with compulsory retiring age of 65

Age at which eligible to retire with pension
Age	60	61	62	63	64	65
30 or less	0.0123
31	0.0123
32	0.0122
33	0.0121
34	0.0120
35	0.0119
36	0.0118
37	0.0117
38	0.0116
39	0.0115
40	0.0114
41	0.0119
42	0.0125
43	0.0130
44	0.0134
45	0.0138
46	0.0142
47	0.0145
48	0.0147
49	0.0149
50	0.0150	0.0159
51	0.0150	0.0160	0.0165
52	0.0150	0.0160	0.0166	0.0170
53	0.0149	0.0159	0.0165	0.0170	0.0173
54	0.0146	0.0157	0.0163	0.0168	0.0171	0.0172
55	0.0142	0.0153	0.0160	0.0165	0.0168	0.0169
56	0.0132	0.0143	0.0150	0.0155	0.0158	0.0159
57	0.0120	0.0132	0.0138	0.0143	0.0146	0.0148
58	0.0106	0.0118	0.0124	0.0129	0.0133	0.0134
59	0.0091	0.0103	0.0109	0.0115	0.0118	0.0119
60	0.0075	0.0087	0.0094	0.0099	0.0102	0.0103
61	0.0070	0.0070	0.0077	0.0082	0.0085	0.0086
62	0.0058	0.0058	0.0058	0.0063	0.0067	0.0068
63	0.0043	0.0043	0.0043	0.0043	0.0046	0.0047
64	0.0024	0.0024	0.0024	0.0024	0.0024	0.0025
65	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Table 2C  Lump sum valuation factors for serving judges (LSF)—males with compulsory retiring age of 70

Age at which eligible to retire with pension
Age	60	61	62	63	64	65	66	67	68	69	70
30 or less	0.0149
31	0.0147
32	0.0146
33	0.0145
34	0.0144
35	0.0142
36	0.0141
37	0.0139
38	0.0138
39	0.0136
40	0.0134
41	0.0139
42	0.0144
43	0.0148
44	0.0151
45	0.0155
46	0.0158
47	0.0160
48	0.0162
49	0.0163
50	0.0164	0.0178
51	0.0174	0.0190	0.0199
52	0.0183	0.0200	0.0211	0.0221
53	0.0191	0.0209	0.0220	0.0231	0.0241
54	0.0196	0.0215	0.0228	0.0240	0.0251	0.0261
55	0.0199	0.0220	0.0234	0.0246	0.0258	0.0269	0.0283
56	0.0188	0.0209	0.0222	0.0235	0.0247	0.0258	0.0272	0.0285
57	0.0175	0.0196	0.0210	0.0223	0.0235	0.0246	0.0260	0.0273	0.0283
58	0.0162	0.0183	0.0197	0.0210	0.0222	0.0233	0.0247	0.0260	0.0270	0.0279
59	0.0147	0.0169	0.0182	0.0196	0.0208	0.0219	0.0234	0.0246	0.0256	0.0266	0.0269
60	0.0131	0.0153	0.0167	0.0180	0.0192	0.0203	0.0218	0.0231	0.0241	0.0251	0.0254
61	0.0136	0.0136	0.0150	0.0163	0.0176	0.0187	0.0202	0.0215	0.0225	0.0234	0.0238
62	0.0131	0.0131	0.0131	0.0145	0.0157	0.0168	0.0184	0.0197	0.0207	0.0217	0.0220
63	0.0124	0.0124	0.0124	0.0124	0.0137	0.0148	0.0164	0.0177	0.0187	0.0197	0.0200
64	0.0115	0.0115	0.0115	0.0115	0.0115	0.0126	0.0142	0.0155	0.0166	0.0176	0.0179
65	0.0103	0.0103	0.0103	0.0103	0.0103	0.0103	0.0118	0.0132	0.0142	0.0152	0.0156
66	0.0092	0.0092	0.0092	0.0092	0.0092	0.0092	0.0092	0.0106	0.0117	0.0126	0.0130
67	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0077	0.0088	0.0098	0.0102
68	0.0057	0.0057	0.0057	0.0057	0.0057	0.0057	0.0057	0.0057	0.0057	0.0067	0.0071
69	0.0033	0.0033	0.0033	0.0033	0.0033	0.0033	0.0033	0.0033	0.0033	0.0033	0.0037
70	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Table 2D  Lump sum valuation factors for serving judges (LSF)—females with compulsory retiring age of 70

Age at which eligible to retire with pension
Age	60	61	62	63	64	65	66	67	68	69	70
30 or less	0.0151
31	0.0151
32	0.0150
33	0.0149
34	0.0148
35	0.0147
36	0.0146
37	0.0145
38	0.0144
39	0.0143
40	0.0142
41	0.0149
42	0.0156
43	0.0163
44	0.0169
45	0.0175
46	0.0180
47	0.0185
48	0.0189
49	0.0193
50	0.0195	0.0213
51	0.0198	0.0216	0.0228
52	0.0199	0.0218	0.0230	0.0242
53	0.0200	0.0220	0.0233	0.0245	0.0256
54	0.0200	0.0220	0.0233	0.0246	0.0258	0.0268
55	0.0198	0.0219	0.0232	0.0245	0.0258	0.0269	0.0284
56	0.0188	0.0209	0.0223	0.0236	0.0248	0.0259	0.0275	0.0288
57	0.0176	0.0198	0.0211	0.0225	0.0237	0.0248	0.0264	0.0277	0.0288
58	0.0163	0.0184	0.0198	0.0212	0.0224	0.0235	0.0251	0.0265	0.0275	0.0285
59	0.0148	0.0170	0.0184	0.0197	0.0210	0.0221	0.0237	0.0251	0.0262	0.0272	0.0276
60	0.0133	0.0154	0.0169	0.0182	0.0195	0.0206	0.0222	0.0236	0.0247	0.0257	0.0261
61	0.0138	0.0138	0.0152	0.0166	0.0179	0.0190	0.0206	0.0220	0.0231	0.0242	0.0245
62	0.0134	0.0134	0.0134	0.0148	0.0161	0.0173	0.0189	0.0203	0.0214	0.0224	0.0228
63	0.0128	0.0128	0.0128	0.0128	0.0141	0.0153	0.0169	0.0184	0.0195	0.0205	0.0209
64	0.0120	0.0120	0.0120	0.0120	0.0120	0.0132	0.0148	0.0163	0.0174	0.0184	0.0188
65	0.0108	0.0108	0.0108	0.0108	0.0108	0.0108	0.0125	0.0139	0.0151	0.0161	0.0165
66	0.0098	0.0098	0.0098	0.0098	0.0098	0.0098	0.0098	0.0113	0.0125	0.0135	0.0139
67	0.0084	0.0084	0.0084	0.0084	0.0084	0.0084	0.0084	0.0084	0.0096	0.0107	0.0111
68	0.0063	0.0063	0.0063	0.0063	0.0063	0.0063	0.0063	0.0063	0.0063	0.0074	0.0078
69	0.0037	0.0037	0.0037	0.0037	0.0037	0.0037	0.0037	0.0037	0.0037	0.0037	0.0041
70	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Table 3  Pension valuation factors (PF)

Males			Females
Age	Age pension	Invalid pension	Spouse pension or associate pension	Age pension	Invalid pension	Spouse pension or associate pension
30 or less	29.9232	29.8511	29.4681	31.3889
31	29.6614	29.5622	29.1902	31.1262
32	29.3929	29.2651	28.9065	30.8566
33	29.1178	28.9590	28.6165	30.5804
34	28.8361	28.6442	28.3201	30.2973
35	28.5477	28.3207	28.0169	30.0068
36	28.2526	27.9878	27.7072	29.7091
37	27.9505	27.6455	27.3905	29.4038
38	27.6415	27.2935	27.0668	29.0907
39	27.3253	26.9316	26.7360	28.7695
40	27.0019	26.5602	26.3983	28.4403
41	26.5961	26.1788	25.9881	28.1031
42	26.1806	25.7879	25.5695	27.7574
43	25.7555	25.3872	25.1428	27.4034
44	25.3202	24.9771	24.7072	27.0412
45	24.8748	24.5573	24.2626	26.6710
46	24.4194	24.1282	23.8091	26.2921
47	23.9539	23.6899	23.3465	25.9051
48	23.4785	23.2422	22.8752	25.5100
49	22.9930	22.7856	22.3962	25.1066
50	22.4973	22.3204	21.9096	24.6953
51	21.8184	21.8467	21.4156	24.2761
52	21.1252	21.3649	20.9146	23.8494
53	20.4180	20.8753	20.4068	23.4149
54	19.6977	20.3786	19.8930	22.9724
55	18.9647	19.8758	19.3739	22.5224
56	18.4950	19.3673	18.9234	22.0643
57	18.0193	18.8538	18.4686	21.5984
58	17.5380	18.3362	18.0098	21.1244
59	17.0532	17.8136	17.5467	20.6424
60	19.3820	16.5658	17.2869	20.6584	17.0788	20.1520
61	18.8473	16.0766	16.7564	20.1552	16.6068	19.6536
62	18.3056	15.5863	16.2222	19.6425	16.1306	19.1472
63	17.7572	15.0963	15.6847	19.1207	15.6513	18.6329
64	17.2039	14.6063	15.1477	18.5904	15.1698	18.1110
65	16.6464	14.1174	14.6119	18.0519	14.6871	17.5823
66	16.0854	13.6306	14.0781	17.5056	14.2042	17.0471
67	15.5213	13.1466	13.5472	16.9520	13.7222	16.5058
68	14.9552	12.6660	13.0197	16.3916	13.2421	15.9583
69	14.3889	12.1875	12.4983	15.8244	12.7622	15.4070
70	13.8232	11.7113	11.9837	15.2506	12.2836	14.8523
71	13.2520	11.2374	11.4767	14.6806	11.8067	14.2945
72	12.6820	10.7656	10.9785	14.1057	11.3319	13.7340
73	12.1135	10.2956	10.4891	13.5265	10.8550	13.1717
74	11.5475	9.8282	10.0029	12.9425	10.3808	12.6075
75	10.9852	9.3640	9.5202	12.3546	9.9108	12.0426
76	10.4288	8.9045	9.0424	11.7742	9.4469	11.4781
77	9.8810	8.4516	8.5709	11.1921	8.9914	10.9155
78	9.3440	8.0070	8.1068	10.6090	8.5464	10.3567
79	8.8206	7.5747	7.6563	10.0337	8.1103	9.8052
80	8.3125	7.1561	7.2202	9.4684	7.6834	9.2630
81	7.8205	6.7525	6.7986	8.9152	7.2362	8.7328
82	7.3456	6.3648	6.3916	8.3740	6.8007	8.2158
83	6.8887	5.9935	5.9995	7.8469	6.3768	7.7138
84	6.4556	5.6416	5.6287	7.3374	5.9694	7.2303
85	6.0475	5.3098	5.2794	6.8475	5.5804	6.7664
86	5.6473	4.9994	4.9524	6.3754	5.2127	6.3237
87	5.2751	4.7119	4.6480	5.9210	4.8697	5.9033
88	4.9313	4.4479	4.3648	5.4845	4.5553	5.5062
89	4.6127	4.1939	4.0981	5.0758	4.2641	5.1258
90	4.3197	3.9470	3.8462	4.6967	3.9957	4.7613
91	4.0530	3.7026	3.6071	4.3436	3.7480	4.4110
92	3.7999	3.4553	3.3791	4.0230	3.5175	4.0732
93	3.5578	3.2224	3.1592	3.7381	3.2981	3.7449
94	3.3261	3.0046	2.9424	3.4660	3.0858	3.4365
95	3.1023	2.8014	2.7406	3.2031	2.8744	3.1467
96	2.8823	2.6118	2.5526	2.9445	2.6571	2.8735
97	2.6709	2.4357	2.3777	2.6830	2.4243	2.6141
98	2.4580	2.2655	2.2084	2.4083	2.1889	2.3645
99	2.2368	2.1000	2.0426	2.1376	1.9647	2.1275
100	2.0010	1.9410	1.8821	1.8652	1.7520	1.9023
101	1.8246	1.7758	1.7132	1.6480	1.5508	1.6860
102	1.6339	1.5972	1.5286	1.4410	1.3619	1.4719
103	1.4068	1.3830	1.3055	1.2243	1.1672	1.2462
104	1.0972	1.0866	0.9970	0.9470	0.9171	0.9568
105 or more	0.6062	0.6060	0.4922	0.4996	0.4996	0.4922

Table 4  Scheme value pension factors (SVPF)

Age	Male	Female
30 or less	33.2882	35.2430
31	32.9153	34.8969
32	32.5340	34.5436
33	32.1433	34.1835
34	31.7437	33.8162
35	31.3352	33.4410
36	30.9169	33.0586
37	30.4893	32.6683
38	30.0519	32.2701
39	29.6046	31.8636
40	29.1478	31.4491
41	28.6813	31.0265
42	28.2054	30.5955
43	27.7202	30.1563
44	27.2259	29.7090
45	26.7226	29.2540
46	26.2104	28.7906
47	25.6898	28.3195
48	25.1606	27.8407
49	24.6233	27.3540
50	24.0785	26.8602
51	23.5262	26.3590
52	22.9670	25.8512
53	22.4013	25.3363
54	21.8298	24.8143
55	21.2538	24.2857
56	20.6735	23.7500
57	20.0902	23.2075
58	19.5043	22.6580
59	18.9153	22.1017
60	18.3239	21.5383
61	17.7307	20.9681
62	17.1358	20.3913
63	16.5395	19.8080
64	15.9459	19.2187
65	15.3558	18.6243
66	14.7700	18.0249
67	14.1892	17.4213
68	13.6142	16.8133
69	13.0476	16.2036
70	12.4902	15.5925
71	11.9427	14.9802
72	11.4062	14.3676
73	10.8808	13.7552
74	10.3605	13.1432
75	9.8457	12.5326
76	9.3377	11.9249
77	8.8379	11.3213
78	8.3475	10.7240
79	7.8727	10.1364
80	7.4143	9.5606
81	6.9723	8.9993
82	6.5466	8.4536
83	6.1375	7.9252
84	5.7514	7.4177
85	5.3885	6.9320
86	5.0493	6.4695
87	4.7341	6.0314
88	4.4413	5.6184
89	4.1659	5.2237
90	3.9062	4.8463
91	3.6601	4.4844
92	3.4257	4.1362
93	3.2000	3.7986
94	2.9781	3.4821
95	2.7716	3.1851
96	2.5795	2.9056
97	2.4010	2.6407
98	2.2283	2.3863
99	2.0594	2.1451
100	1.8961	1.9162
101	1.7244	1.6967
102	1.5371	1.4798
103	1.3112	1.2515
104	1.0000	0.9596
105 or more	0.4928	0.4928

Part 7—Governors‑General Pension Scheme

Division 7.1—Interpretation

1  Definitions

(1)  In this Part:

Act means the Governor‑General Act 1974.

end date, in relation to a person who holds office as Governor‑General, means:

(a)  if the date that the person will cease to hold office as Governor‑General is known—the date that the person ceases to hold office as Governor‑General; or

(b)  if the date that the person will cease to hold office as Governor‑General is unknown and the person has held office as Governor‑General for a period of less than 5 years—the date that is 5 years after the day that the person first held office as Governor‑General; or

(c)  if the date that the person will cease to hold office as Governor‑General is unknown and the person has held office as Governor‑General for a period of 5 years or more—the date that is 6 months after the day that the value of the interest is being calculated.

Scheme means the Governors‑General Pension Scheme as constituted by an allowance payable under section 4 of the Governor‑General Act 1974.

(2)  An expression used in this Part and in the Act has the same meaning in this Part as it has in the Act.

Division 7.2—Interests in the growth phase

2  Methods and factors for determining interest in the Scheme

For an interest that is mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

Item	Interest in the growth phase	Method or factor
1	An interest that a person who holds office as Governor‑General has in the Scheme.	where: AFy is the allowance valuation factor mentioned in Table 1 in this Part in relation to a retirement allowance for the person’s gender and age in completed years at the end date. AFy+1 is the allowance valuation factor mentioned in Table 1 in this Part in relation to a retirement allowance that would apply if the person’s age in completed years at the end date were 1 year more that it would be at that date. m is the number of completed months of the person’s age, at the end date, that are not included in the completed years of age. n is: PA is the annual rate of allowance that would be payable to the person under section 4 of the Act if the person ceased to hold office as Governor‑General on the relevant date.
2	An interest that a person has as a result of an entitlement to an associate deferred allowance (not yet payable) in accordance with section 4AC of the Act.	where: AFy is the allowance valuation factor mentioned in Table 1 in this Part in relation to a spouse allowance for the person’s gender and age in completed years at the relevant date. AFy+1 is the allowance valuation factor mentioned in Table 1 in this Part in relation to a spouse allowance that would apply if the person’s age in completed years at the relevant date were 1 year more than it is. ATA is the amount calculated under step 2A of section 7 of the Governor‑General Allowance Order 2013, but with the reference to the time when the associate deferred allowance becomes payable taken to be a reference to the relevant date. m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age. SVAFy is the scheme value allowance valuation factor mentioned in Table 2 in this Part for the person’s gender and age in completed years at the relevant date. SVAFy+1 is the scheme value allowance valuation factor mentioned in Table 2 in this Part that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

Division 7.3—Interests in the payment phase

3  Methods and factors for determining interest in the Scheme

For an interest that is mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

Item	Interest in the payment phase	Method or factor
1	An interest that a person has in the Scheme as a result of being paid an allowance under section 4 of the Act.	where: AA is the annual rate of allowance that is or was payable to the person under section 4 of the Act at the relevant date. AFy is the allowance valuation factor mentioned in Table 1 in this Part for the person’s allowance type, gender and age in completed years at the relevant date. AFy+1 is the allowance valuation factor mentioned in Table 1 in this Part that would apply if the person’s age in completed years at the relevant date were 1 year more than it is. m is the number of complete months of the person’s age, at the relevant date, that are not included in the completed years of age.

Division 7.4—Factors

Table 1  Allowance valuation factors

Male		Female
Age	Retirement Allowance	Spouse Allowance or Associate Allowance		Retirement Allowance	Spouse Allowance or Associate Allowance
30 or less	31.9237	29.8511		32.0224	31.3889
31	31.6807	29.5622		31.7775	31.1262
32	31.4313	29.2651		31.5263	30.8566
33	31.1749	28.9590		31.2685	30.5804
34	30.9114	28.6442		31.0039	30.2973
35	30.6407	28.3207		30.7323	30.0068
36	30.3626	27.9878		30.4537	29.7091
37	30.0771	27.6455		30.1678	29.4038
38	29.7837	27.2935		29.8745	29.0907
39	29.4824	26.9316		29.5734	28.7695
40	29.1731	26.5602		29.2649	28.4403
41	28.8107	26.1788		28.9186	28.1031
42	28.4380	25.7879		28.5629	27.7574
43	28.0544	25.3872		28.1976	27.4034
44	27.6598	24.9771		27.8227	27.0412
45	27.2541	24.5573		27.4380	26.6710
46	26.8370	24.1282		27.0432	26.2921
47	26.4082	23.6899		26.6384	25.9051
48	25.9677	23.2422		26.2237	25.5100
49	25.5153	22.7856		25.7991	25.1066
50	25.0509	22.3204		25.3645	24.6953
51	24.4612	21.8467		24.9182	24.2761
52	23.8543	21.3649		24.4618	23.8494
53	23.2298	20.8753		23.9954	23.4149
54	22.5872	20.3786		23.5193	22.9724
55	21.9267	19.8758		23.0335	22.5224
56	21.4373	19.3673		22.5763	22.0643
57	20.9374	18.8538		22.1102	21.5984
58	20.4275	18.3362		21.6360	21.1244
59	19.9089	17.8136		21.1520	20.6424
60	19.3820	17.2869		20.6584	20.1520
61	18.8473	16.7564		20.1552	19.6536
62	18.3056	16.2222		19.6425	19.1472
63	17.7572	15.6847		19.1207	18.6329
64	17.2039	15.1477		18.5904	18.1110
65	16.6464	14.6119		18.0519	17.5823
66	16.0854	14.0781		17.5056	17.0471
67	15.5213	13.5472		16.9520	16.5058
68	14.9552	13.0197		16.3916	15.9583
69	14.3889	12.4983		15.8244	15.4070
70	13.8232	11.9837		15.2506	14.8523
71	13.2520	11.4767		14.6806	14.2945
72	12.6820	10.9785		14.1057	13.7340
73	12.1135	10.4891		13.5265	13.1717
74	11.5475	10.0029		12.9425	12.6075
75	10.9852	9.5202		12.3546	12.0426
76	10.4288	9.0424		11.7742	11.4781
77	9.8810	8.5709		11.1921	10.9155
78	9.3440	8.1068		10.6090	10.3567
79	8.8206	7.6563		10.0337	9.8052
80	8.3125	7.2202		9.4684	9.2630
81	7.8205	6.7986		8.9152	8.7328
82	7.3456	6.3916		8.3740	8.2158
83	6.8887	5.9995		7.8469	7.7138
84	6.4556	5.6287		7.3374	7.2303
85	6.0475	5.2794		6.8475	6.7664
86	5.6473	4.9524		6.3754	6.3237
87	5.2751	4.6480		5.9210	5.9033
88	4.9313	4.3648		5.4845	5.5062
89	4.6127	4.0981		5.0758	5.1258
90	4.3197	3.8462		4.6967	4.7613
91	4.0530	3.6071		4.3436	4.4110
92	3.7999	3.3791		4.0230	4.0732
93	3.5578	3.1592		3.7381	3.7449
94	3.3261	2.9424		3.4660	3.4365
95	3.1023	2.7406		3.2031	3.1467
96	2.8823	2.5526		2.9445	2.8735
97	2.6709	2.3777		2.6830	2.6141
98	2.4580	2.2084		2.4083	2.3645
99	2.2368	2.0426		2.1376	2.1275
100	2.0010	1.8821		1.8652	1.9023
101	1.8246	1.7132		1.6480	1.6860
102	1.6339	1.5286		1.4410	1.4719
103	1.4068	1.3055		1.2243	1.2462
104	1.0972	0.9970		0.9470	0.9568
105 or more	0.6062	0.4922		0.4996	0.4922

Table 2  Scheme value allowance valuation factors

Age	Male	Female
30 or less	33.2882	35.2430
31	33.2882	35.2430
32	32.9153	34.8969
33	32.5340	34.5436
34	32.1433	34.1835
35	31.7437	33.8162
36	31.3352	33.4410
37	30.9169	33.0586
38	30.4893	32.6683
39	30.0519	32.2701
40	29.6046	31.8636
41	29.1478	31.4491
42	28.6813	31.0265
43	28.2054	30.5955
44	27.7202	30.1563
45	27.2259	29.7090
46	26.7226	29.2540
47	26.2104	28.7906
48	25.6898	28.3195
49	25.1606	27.8407
50	24.6233	27.3540
51	24.0785	26.8602
52	23.5262	26.3590
53	22.9670	25.8512
54	22.4013	25.3363
55	21.8298	24.8143
56	21.2538	24.2857
57	20.6735	23.7500
58	20.0902	23.2075
59	19.5043	22.6580
60	18.9153	22.1017
61	18.3239	21.5383
62	17.7307	20.9681
63	17.1358	20.3913
64	16.5395	19.8080
65	15.9459	19.2187
66	15.3558	18.6243
67	14.7700	18.0249
68	14.1892	17.4213
69	13.6142	16.8133
70	13.0476	16.2036
71	12.4902	15.5925
72	11.9427	14.9802
73	11.4062	14.3676
74	10.3605	13.1432
75	9.8457	12.5326
76	9.3377	11.9249
77	8.8379	11.3213
78	8.3475	10.7240
79	7.8727	10.1364
80	7.4143	9.5606
81	6.9723	8.9993
82	6.5466	8.4536
83	6.1375	7.9252
84	5.7514	7.4177
85	5.3885	6.9320
86	5.0493	6.4695
87	4.7341	6.0314
88	4.4413	5.6184
89	4.1659	5.2237
90	3.9062	4.8463
91	3.6601	4.4844
92	3.4257	4.1362
93	3.2000	3.7986
94	2.9781	3.4821
95	2.7716	3.1851
96	2.5795	2.9056
97	2.4010	2.6407
98	2.2283	2.3863
99	2.0594	2.1451
100	1.8961	1.9162
101	1.7244	1.6967
102	1.5371	1.4798
103	1.3112	1.2515
104	1.0000	0.9596
105 or more	0.4928	0.4928