Methods and Factors for Valuing Particular Superannuation Interests Approval Amendment 2003 (No. 1)

1

An interest that a person who has retired on the ground of disability has as a new scheme member in the SS Fund.

The method set out in clause 2 of Schedule 4 to the Regulations for determining the gross value of a pension that is indexed in accordance with the consumer price index, with the modification that the term ‘r’ in subclause 2 (1) is taken to be zero.

1

An interest that a person who has retired on the ground of disability has as a member of the Transport scheme.

The method set out in clause 2 of Schedule 4 to the Regulations for determining the gross value of a pension that is indexed in accordance with the consumer price index, with the modification that the term ‘r’ in subclause 2 (1) is taken to be zero.

1

An interest that a person has in the Scheme as an employed member of the standard defined benefit category under Chapter 2 of the Deed.

In the case of a person who has made an election under paragraph 23C (3) (b) of the Deed — the sum of his or her accumulation account kept under section 77 of the Deed and the amount that would be credited to that account if the person were to make a request under subsection 52 (8) of the Deed.

In any other case — the amount that would be credited under subsection 23F (3) of the Deed to the person’s accumulation account kept under section 77 of the Deed if he or she were to make an election under paragraph 23C (3) (a) of the Deed.

2

An interest that a person has in the Scheme under section 52 of the Deed, because of ceasing to be an employed member before his or her 55th birthday, death or total or permanent disablement.

The sum of the person’s accumulation account kept under section 77 of the Deed and the amount that would be credited to that account if he or she were to make a request under subsection 52 (8) of the Deed.

1

An interest that a person has, as an old scheme contributor in the SAS Fund, other than as a member who preserved his or her accrued superannuation benefits under section 39 of the 1988 Act.

where:

S is the annual salary of the person at the relevant date.

A is the lesser of 1 and the quotient of the contribution points, within the meaning of the 1988 Act, accrued by the person at the relevant date, and D, where D is 360 or, for a person accepted as a contributor under the 1974 Act before reaching the age of 30 years, the number of months between the person’s date of acceptance as a contributor and the date at which the person will reach his or her age of retirement (within the meaning of the 1988 Act).

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 1 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

A92 is the number of contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person after 30 June 1992.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor mentioned in an item in Table 1 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

Ann is 14.2 if the person is male or 15.0 if the person is female.

2

An interest that a person has, as an old scheme contributor in the SAS Fund, who:

 (a) was accepted as a contributor before both the commencement of the 1974 Act and the person attaining the prescribed age, within the meaning in subsection 39 (7a) of the 1988 Act; and

where:

AS is the annual or attributed salary of the person at the date of resignation, adjusted with movements in the Consumer Price Index after that date.

A1 is:

 (b) has resigned with a contribution period, within the meaning of the 1988 Act, of 120 months or more and preserved his or her accrued superannuation benefits under paragraph 39 (1) (b) of the 1988 Act.

where:

A is the lesser of 1 and the following fraction:

where C is the contribution points, within the meaning of the 1988 Act, accrued by the person.

NM is the number of months between the person’s date of acceptance as a contributor and the date at which the person will reach his or her age of retirement (within the meaning of the 1988 Act).

CP is the number of months for which the person was an active contributor within the meaning in the 1988 Act.

S is the number of months after the person had reached the prescribed age, within the meaning in subsection 39 (7a) of the 1988 Act, for which the person was an active contributor, within the meaning in the 1988 Act.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

A92 is the number of contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person after 30 June 1992.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

Ann is 14.2 if the member is male or 15.0 if the member is female.

3

An interest that a person has, as an old scheme contributor in the SAS Fund who has:

 (a) resigned with a contribution period, within the meaning of the 1988 Act, of 120 months or more; and

where:

AS is the annual or attributed salary of the person at the date of resignation, adjusted with movements in the Consumer Price Index after that date.

 (b) preserved his or her accrued superannuation benefits under paragraph 39 (1) (b) of the 1988 Act;

other than a person who was accepted as a contributor before both the commencement of the 1974 Act and the person attaining the prescribed age, within the meaning in subsection 39 (7a) of the 1988 Act.

A is the lesser of 1 and the quotient of the contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person and D, where D is 360 or, for a person accepted as a contributor under the 1974 Act before reaching the age of 30 years, the number of months between the person’s date of acceptance as a contributor and the date at which the person will reach his or her age of retirement (within the meaning of the 1988 Act).

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

A92 is the number of contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person after 30 June 1992.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

Ann is 14.2 if the person is male or 15.0 if the person is female.

4

An interest that a person has, as an old scheme contributor in the SAS Fund who has:

 (a) resigned with a contribution period, within the meaning of the 1988 Act, of less than 120 months; and

 (b) preserved his or her accrued superannuation benefits under paragraph 39 (1) (b) of the 1988 Act.

where:

C is the sum of the balance of the person’s contribution account under section 20A of the 1988 Act and 21/3 times the lesser of the balance of that account and the amount that would have been the balance of that account had the person contributed at the standard rate of contribution, within the meaning of the 1988 Act, throughout the contribution period, within the meaning of that Act.

AS is the annual or attributed salary of the person at the date of resignation, adjusted with movements in the Consumer Price Index after that date.

M87 is the number of months of the person’s contribution period, within the meaning of the 1988 Act, occurring after 31 December 1987 and before the relevant date.

Hy+m is the factor calculated by:

where:

Hy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

Pn is the person’s part time proportion as determined in accordance with the definition of that term in subparagraph 39 (3) (b) (ii) of the 1988 Act.

5

An interest that a person has, as an old scheme contributor in the SAS Fund who has resigned, and has elected to take an immediate benefit under paragraph 39 (1) (a) of the 1988 Act and has not received his or her additional entitlement under 1 of the paragraphs in subsection 39 (1c) of that Act.

where:

SG is the amount in relation to the person calculated in accordance with paragraph 39 (1d) (b) of the 1988 Act.

AS is the annual or attributed salary of the person at the date of resignation, adjusted with movements in the Consumer Price Index after that date.

M8792 is the number of months of the person’s contribution period, within the meaning of the 1988 Act, occurring after 31 December 1987 and before the later of the relevant date and 30 June 1992.

Hy+m is the factor calculated by:

where:

Hy is the valuation factor mentioned in an item in Table 2 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

Pn is the person’s part time proportion as determined in accordance with the definition of that term in paragraph 39 (1d) (a) of the 1988 Act.

6

An interest that a person has as a new scheme contributor in the SAS Fund, other than a person who has preserved his or her accrued superannuation benefits under section 28 of the 1988 Act.

where:

C is the amount standing to the credit of the person’s contribution account under section 20A of the 1988 Act.

S is the annual salary of the person at the relevant date.

AP is the lesser of 420 (or 360 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia)) and the contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 3 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

BH is 1.36 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia) and 1 for all other persons.

M92 is the number of months of the person’s contribution period, within the meaning of the 1988 Act, occurring after 30 June 1992 and before the relevant date.

Pn is the person’s part time proportion as determined in accordance with the definition of that term in paragraph 27 (2) (b) of the 1988 Act.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor mentioned in an item in Table 3 in this Part that applies to the person’s age in completed years at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

7

An interest that a person has as a new scheme contributor in the SAS Fund who has preserved his or her accrued superannuation benefits under section 28 of the 1988 Act.

where:

C is the amount standing to the credit of the person’s contribution account under section 20A of the 1988 Act.

AS is the annual or attributed salary of the person at the age of resignation, adjusted with movements in the Consumer Price Index after that date.

AP is the lesser of 420 (or 360 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia)) and the contribution points, within the meaning of the 1988 Act, accrued at the relevant date by the person.

BH is 1.36 for a person whose name appears in the Schedule to the Superannuation (Bordertown Memorial Hospital Employees) Regulations 1993 (South Australia) and 1 for all other members.

M92 is the number of months of the person’s contribution period, within the meaning of the 1988 Act, occurring after 30 June 1992 and before the relevant date.

Pn is the person’s part time proportion as determined in accordance with the definition of that term in paragraph 27 (2) (b) of the 1988 Act.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 4 in this Part that applies at the person’s age in completed years.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

1

An interest that a person has, as an old scheme contributor in the SAS Fund, who is entitled to a pension under subsection 34 (1), 34 (2), 34 (3), 35 (1) or 37 (1), or paragraph 39 (5) (a), 39 (5) (b), or subsection 39A (3g) of the 1988 Act.

P × Fy+m

where:

P is the annual pension of the person at the relevant date.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 5 in this Part that applies to the person’s age in completed years for the person’s gender and type of pension at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

2

An interest of a person who is a surviving spouse, de facto spouse or putative spouse of an old scheme contributor in the SAS fund and entitled to a pension under paragraph 38 (1) (a) or 39 (5) (c) of the 1988 Act.

P × Fy+m

where:

P is the annual pension of the person at the relevant date.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor mentioned in an item in Table 5 in this Part that applies to the surviving spouse’s, de facto spouse’s or putative spouse’s age in completed years for that person’s gender and type of pension at the relevant date.

m is the number of complete months between the person’s last birthday before the relevant date and that date.

1

26

0.446

0.414

21

46

0.736

0.696

2

27

0.445

0.438

22

47

0.754

0.705

3

28

0.445

0.462

23

48

0.772

0.714

4

29

0.459

0.478

24

49

0.789

0.723

5

30

0.473

0.495

25

50

0.806

0.728

6

31

0.487

0.512

26

51

0.820

0.730

7

32

0.502

0.528

27

52

0.834

0.727

8

33

0.517

0.544

28

53

0.848

0.720

9

34

0.533

0.556

29

54

0.863

0.706

10

35

0.549

0.567

30

55

0.879

0.689

11

36

0.566

0.579

31

56

0.888

0.716

12

37

0.583

0.590

32

57

0.896

0.746

13

38

0.599

0.606

33

58

0.888

0.779

14

39

0.617

0.617

34

59

0.890

0.821

15

40

0.634

0.631

35

60

0.893

0.870

16

41

0.651

0.641

36

61

0.901

0.853

17

42

0.667

0.654

37

62

0.947

0.851

18

43

0.685

0.664

38

63

1.014

0.854

19

44

0.701

0.676

39

64

1.051

0.865

20

45

0.719

0.685

40

65

1.055

0.842

F

G

H

Item

Age

Factor

Factor

Factor

1

31

0.401

0.290

0.392

2

32

0.416

0.301

0.407

3

33

0.432

0.312

0.422

4

34

0.448

0.323

0.438

5

35

0.466

0.335

0.455

6

36

0.484

0.347

0.472

7

37

0.504

0.359

0.490

8

38

0.524

0.372

0.509

9

39

0.546

0.386

0.529

10

40

0.565

0.399

0.549

11

41

0.587

0.413

0.570

12

42

0.607

0.427

0.592

13

43

0.632

0.441

0.614

14

44

0.657

0.456

0.638

15

45

0.680

0.472

0.662

16

46

0.703

0.487

0.687

17

47

0.728

0.504

0.714

18

48

0.754

0.521

0.741

19

49

0.780

0.539

0.769

20

50

0.806

0.556

0.799

21

51

0.832

0.572

0.830

22

52

0.859

0.590

0.862

23

53

0.885

0.608

0.895

24

54

0.914

0.627

0.929

25

55

0.945

0.648

0.966

26

56

0.893

0.781

0.910

27

57

0.903

0.835

0.920

28

58

0.916

0.883

0.934

29

59

0.933

0.924

0.954

30

60

0.959

0.959

0.981

1

26

0.566

0.637

21

46

0.750

0.748

2

27

0.570

0.640

22

47

0.764

0.760

3

28

0.573

0.640

23

48

0.779

0.774

4

29

0.577

0.638

24

49

0.795

0.788

5

30

0.585

0.641

25

50

0.810

0.804

6

31

0.587

0.638

26

51

0.825

0.821

7

32

0.595

0.642

27

52

0.841

0.838

8

33

0.599

0.642

28

53

0.857

0.855

9

34

0.608

0.649

29

54

0.873

0.873

10

35

0.617

0.656

30

55

0.891

0.891

11

36

0.629

0.665

31

56

0.898

0.898

12

37

0.637

0.668

32

57

0.907

0.907

13

38

0.649

0.677

33

58

0.917

0.917

14

39

0.659

0.684

34

59

0.925

0.925

15

40

0.670

0.690

35

60

0.936

0.936

16

41

0.682

0.700

36

61

0.940

0.940

17

42

0.694

0.708

37

62

0.950

0.950

18

43

0.708

0.718

38

63

0.963

0.963

19

44

0.721

0.727

39

64

0.979

0.979

20

45

0.735

0.738

40

65

1.000

1.000

1

26

0.312

19

44

0.621

2

27

0.327

20

45

0.645

3

28

0.339

21

46

0.669

4

29

0.354

22

47

0.695

5

30

0.367

23

48

0.722

6

31

0.382

24

49

0.750

7

32

0.396

25

50

0.779

8

33

0.411

26

51

0.808

9

34

0.427

27

52

0.840

10

35

0.443

28

53

0.872

11

36

0.460

29

54

0.905

12

37

0.478

30

55

0.940

13

38

0.496

31

56

0.905

14

39

0.515

32

57

0.915

15

40

0.534

33

58

0.929

16

41

0.555

34

59

0.960

17

42

0.576

35

60

1.000

18

43

0.598

1

18

24.209

24.321

22.583

21.786

23.906

24.178

2

19

24.145

24.258

22.524

21.729

23.825

24.107

3

20

24.077

24.191

22.460

21.668

23.740

24.033

4

21

24.005

24.120

22.393

21.603

23.651

23.954

5

22

23.928

24.044

22.321

21.534

23.558

23.870

6

23

23.847

23.964

22.245

21.462

23.460

23.782

7

24

23.761

23.879

22.165

21.386

23.357

23.689

8

25

23.671

23.788

22.080

21.305

23.250

23.591

9

26

23.576

23.694

21.991

21.221

23.137

23.489

10

27

23.476

23.595

21.897

21.133

23.020

23.381

11

28

23.371

23.492

21.799

21.040

22.897

23.270

12

29

23.262

23.385

21.696

20.944

22.769

23.154

13

30

23.147

23.273

21.588

20.844

22.635

23.034

14

31

23.027

23.157

21.475

20.739

22.496

22.909

15

32

22.903

23.037

21.357

20.629

22.351

22.779

16

33

22.773

22.911

21.234

20.515

22.199

22.643

17

34

22.637

22.781

21.105

20.395

22.042

22.503

18

35

22.496

22.646

20.971

20.270

21.877

22.357

19

36

22.349

22.505

20.830

20.140

21.706

22.205

20

37

22.196

22.358

20.683

20.004

21.528

22.047

21

38

22.037

22.205

20.530

19.862

21.343

21.882

22

39

21.871

22.047

20.370

19.713

21.150

21.712

23

40

21.686

21.872

20.178

19.526

20.949

21.535

24

41

21.480

21.679

19.953

19.300

20.741

21.351

25

42

21.265

21.477

19.719

19.065

20.524

21.160

26

43

21.040

21.268

19.474

18.823

20.298

20.962

27

44

20.806

21.049

19.219

18.572

20.064

20.756

28

45

20.561

20.822

18.953

18.312

19.821

20.544

29

46

20.306

20.585

18.674

18.042

19.569

20.323

30

47

20.040

20.339

18.384

17.762

19.308

20.095

31

48

19.763

20.084

18.080

17.472

19.037

19.859

32

49

19.475

19.819

17.761

17.169

18.758

19.615

33

50

19.140

19.543

17.369

16.855

18.469

19.362

34

51

18.753

19.258

16.899

16.528

18.171

19.101

35

52

18.349

18.962

16.414

16.196

17.863

18.832

36

53

17.928

18.656

15.917

15.860

17.546

18.554

37

54

17.490

18.339

15.406

15.520

17.220

18.267

38

55

17.099

18.028

14.983

15.210

16.884

17.971

39

56

16.761

17.724

14.652

14.932

16.540

17.666

40

57

16.414

17.412

14.317

14.652

16.186

17.352

41

58

16.058

17.089

13.979

14.368

15.823

17.028

42

59

15.693

16.757

13.639

14.082

15.452

16.694

43

60

15.320

16.415

13.296

13.793

15.072

16.350

44

61

14.939

16.062

12.950

13.502

14.683

15.996

45

62

14.549

15.700

12.603

13.209

14.287

15.632

46

63

14.152

15.326

12.255

12.913

13.883

15.257

47

64

13.747

14.943

11.906

12.615

13.472

14.872

48

65

13.335

14.549

11.557

12.316

13.054

14.476

49

66

12.915

14.145

11.208

12.014

12.629

14.071

50

67

12.492

13.732

10.858

11.710

12.200

13.657

51

68

12.066

13.312

10.510

11.404

11.770

13.235

52

69

11.638

12.884

10.162

11.097

11.338

12.806

53

70

11.209

12.450

9.817

10.787

10.905

12.371

54

71

10.779

12.009

9.473

10.476

10.472

11.929

55

72

10.348

11.562

9.133

10.162

10.039

11.482

56

73

9.918

11.111

8.795

9.846

9.606

11.030

57

74

9.487

10.656

8.462

9.527

9.174

10.574

58

75

9.058

10.197

8.132

9.205

8.745

10.115

59

76

8.631

9.738

7.806

8.881

8.319

9.656

60

77

8.210

9.281

7.486

8.552

7.898

9.198

61

78

7.797

8.827

7.171

8.218

7.487

8.744

62

79

7.393

8.379

6.862

7.879

7.085

8.297

63

80

7.000

7.940

6.559

7.533

6.696

7.858

64

81

6.620

7.509

6.264

7.179

6.321

7.428

65

82

6.255

7.087

5.975

6.815

5.962

7.007

66

83

5.905

6.675

5.694

6.440

5.618

6.596

67

84

5.572

6.275

5.421

6.075

5.292

6.197

68

85

5.256

5.887

5.158

5.721

4.985

5.811

69

86

4.960

5.516

4.904

5.383

4.697

5.441

70

87

4.683

5.164

4.661

5.062

4.430

5.091

71

88

4.428

4.835

4.430

4.761

4.185

4.763

72

89

4.197

4.531

4.213

4.484

3.965

4.462

73

90

3.993

4.254

4.011

4.229

3.771

4.187

74

91

3.818

4.005

3.829

3.996

3.608

3.941

75

92

3.671

3.784

3.671

3.784

3.472

3.722

76

93

3.544

3.588

3.544

3.588

3.356

3.530

77

94

3.419

3.405

3.419

3.405

3.242

3.351

78

95

3.293

3.232

3.293

3.232

3.125

3.181

79

96

3.165

3.065

3.165

3.065

3.007

3.019

80

97

3.031

2.903

3.031

2.903

2.882

2.861

81

98

2.888

2.741

2.888

2.741

2.748

2.704

82

99

2.731

2.573

2.731

2.573

2.599

2.542

1

An interest that a person has as a Member of the Ford Employees Superannuation Fund.

The method set out in clause 3 of Schedule 2 to the Regulations.

2

An interest that a person has as a Member of the Ford Management Retirement Plan.

The method set out in clause 3 of Schedule 2 to the Regulations.

1

An interest (other than a partially vested accumulation interest) that a person has as a member of the RACV fund.

The method set out in clause 3 of Schedule 2 to the Regulations.

1

An interest that a person has, as a ‘Category I’ member of the UniSuper fund, to an entitlement to a deferred pension under clause 37.3 of the Deed, or a partial deferred pension under clause 37.4 of the Deed.

DP × F × ( PVF + RVF × .625 )

where:

DP is the annual amount of the person’s deferred pension or partial deferred pension at the relevant date.

F is the applicable discount factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the Table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimum deferral period for lump sum’ in subclause 3 (3) and clause 4 of Schedule 6 to the Regulations were references to ‘period until the person attains the minimum retirement age’. If the person has already reached the minimum retirement age or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors mentioned in clause 7 of Schedule 2 to the Regulations as if the references to ‘member spouse’s age’ in subclause 2 (2) of Schedule 4 to the Regulations and ‘member’s retirement age’ in clause 7 of Schedule 2 to the Regulations were references to ‘greater of member spouse’s current age and the minimum retirement age’.

RVF is the applicable reversion valuation factor mentioned in clause 7 of Schedule 2 to the Regulations.

1

An interest that a person under the age of 65 years has:

 (a) as a ‘Category I’ member of the UniSuper fund — to an entitlement to a Disablement pension under clause A.5 of the Deed; or

 (b) as a ‘Category I’ member or a ‘Category II’ of the UniSuper fund — to an entitlement to a Disablement Benefit under clause B.5 of the Deed.

ARB + DP × PVF

where:

ARB is the value of the accrued retirement benefit in relation to the interest calculated in accordance with:

 (a) for a person who last became a member of the UniSuper fund on or after 1 July 1998 — the method in clause 3 of Schedule 2 to the Regulations; and

 (b) for a person who last became a member of the UniSuper fund before 1 July 1998 — the method in clause 28 of Schedule 2 to the Regulations; and

except that:

 (c) the words ‘as provided by the trustee under section 90MZB of the Act,’ in the definition of A in subclause 3 (1) of Schedule 2 to the Regulations, in their application to the method in clause 3 of Schedule 2 to the Regulations for a person who last became a member of the UniSuper fund on or after 1 July 1998, are substituted by the words ‘within the meaning given by regulation 65’; and

 (d) the references in fy and fy+1, in their application to the method in clause 3 of Schedule 2 to the Regulations for a person who last became a member of the UniSuper fund on or after 1 July 1998, to the lump sum valuation factors mentioned in the Table in clause 4 of Schedule 2 to the Regulations are taken to be references to the lump sum valuation factors mentioned in Table 1 of Division 105.4; and

 (e) the words ‘as provided by the trustee under section 90MZB of the Act,’ in the definition of A in subclause 3 (1) of Schedule 2 to the Regulations and in the definition of B in subclause 5 (2) of Schedule 2 to the Regulations, in their application to the method in clause 28 of Schedule 2 to the Regulations for a person who became a member of the UniSuper fund before 1 July 1998, are substituted by the words ‘within the meaning given by regulation 65’; and

 (f) the references in fy and fy+1, in their application to the method in clause 28 of Schedule 2 to the Regulations for a person who became a member of the UniSuper fund before 1 July 1998, to the lump sum valuation factors mentioned in the Table in clause 4 of Schedule 2 to the Regulations are taken to be references to the lump sum valuation factors mentioned in Table 1 of Division 105.4.

DP is the annual amount of the person’s disablement pension at the relevant date under clause A.5.1 or clause B.5.1 (after any adjustment in accordance with clause B.5.6) of the Deed.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations but using the factors mentioned in Table 2 of Division 105.4.

2

An interest that a person under the age of 65 years has to an entitlement to a Disablement benefit under clause C.5 of the Deed, as:

 (a) a ‘Category I’ member or a ‘Category II’ member of the UniSuper fund; or

 (b) a member of the UniSuper fund to which Division C of the Deed applies.

AB + DP × PVF

where:

AB is the account balance at the relevant date of the person’s Member Accumulation Account under clause C.3 of the Deed.

DP is the annual amount of the pension at the relevant date that is the person’s disablement benefit under clause C.5.1 (after any adjustment in accordance with clause C.5.5) of Deed.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations but using the pension valuation factors mentioned in Table 2 of Division 105.4.

1

44

0.5929

2

43

0.5847

3

42

0.5754

4

41

0.5670

5

40

0.5575

6

39

0.5492

7

38

0.5399

8

37

0.5320

9

36

0.5233

10

35

0.5161

11

34

0.5110

12

33

0.5081

13

32

0.5048

14

31

0.5039

15

30

0.5029

16

29

0.5072

17

28

0.5118

18

27

0.5167

19

26

0.5219

20

25

0.5275

21

24

0.5362

22

23

0.5454

23

22

0.5552

24

21

0.5657

25

20

0.5769

26

19

0.5887

27

18

0.6014

28

17

0.6149

29

16

0.6293

30

15

0.6446

31

14

0.6592

32

13

0.6748

33

12

0.6916

34

11

0.7094

35

10

0.7286

36

9

0.7478

37

8

0.7683

38

7

0.7905

39

6

0.8143

40

5

0.8398

41

4

0.8674

42

3

0.8970

43

2

0.9288

44

1

0.9631

1

16

22.6582

24.5856

2

17

21.3082

23.2356

3

18

20.7636

22.7663

4

19

20.1978

22.2787

5

20

19.6100

21.7720

6

21

19.5804

21.6391

7

22

19.5860

21.5126

8

23

19.6320

21.3929

9

24

19.6476

21.2809

10

25

19.7007

21.1771

11

26

19.7116

21.0824

12

27

19.7550

20.9975

13

28

19.7429

20.9235

14

29

19.7563

20.8614

15

30

19.6998

20.8122

16

31

19.6601

20.6669

17

32

19.5358

20.5246

18

33

19.4187

20.3854

19

34

19.2034

20.2497

20

35

18.9852

20.1176

21

36

18.6572

19.8702

22

37

18.3170

19.6163

23

38

17.9635

19.3553

24

39

17.5959

19.0868

25

40

17.2133

18.8102

26

41

16.8144

18.4036

27

42

16.3981

17.9797

28

43

15.9633

17.5377

29

44

15.5086

17.0763

30

45

15.0325

16.5944

31

46

14.5336

16.0907

32

47

14.0103

15.5640

33

48

13.4607

15.0128

34

49

12.8830

14.4358

35

50

12.2753

13.8312

36

51

11.7247

13.1975

37

52

11.1435

12.5330

38

53

10.5295

11.8357

39

54

9.8797

11.1036

40

55

9.1913

10.3348

41

56

8.5367

9.5270

42

57

7.8395

8.6777

43

58

7.0958

7.7846

44

59

6.3012

6.8450

45

60

5.4508

5.8561

46

61

4.5396

4.8149

47

62

3.5523

3.7146

48

63

2.4726

2.5481

49

64

1.2916

1.3113

50

65

0.0000

0.0000