Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations1 Application of Schedule 2
This Schedule sets out the method for determining the gross value, at the relevant date, of a defined benefit interest that is in the growth phase at that date.
2 Method
(1) If the superannuation interest is held as a result of employment in which the member spouse is still engaged at the relevant date, the method is:
(a) if the benefit in respect of the interest is payable only as a lump sum -- the method set out in Part 2 of this Schedule; and
(b) if the benefit in respect of the interest is payable only as a pension -- the method set out in Part 3 of this Schedule; and
(c) if the benefit in respect of the interest is payable as a lump sum, a pension, or a combination of a lump sum and a pension -- the method set out in Part 4 of this Schedule.
(2) If the superannuation interest is held as a result of employment in which the member spouse is no longer engaged at the relevant date and, under the governing rules of the plan in which the interest is held, the benefit in respect of the interest is payable on or after the relevant date, the method is:
(a) if the benefit in respect of the interest is payable only as a lump sum -- the method set out in Part 5 of this Schedule; and
(b) if the benefit in respect of the interest is payable only as a pension -- the method set out in Part 6 of this Schedule; and
(c) if the benefit in respect of the interest is payable as a lump sum, a pension, or a combination of a lump sum and a pension -- the method set out in Part 7 of this Schedule.
(3) For the purposes of subclause (1) and (2), a member spouse is taken to be engaged in employment at the relevant date if, at that date, the member spouse is on paid or unpaid leave from, or for any reason suspended in relation to, that employment.
Part 2 Interest relating to current employment -- benefit payable only as lump sum
3 Method
(1) The method is:
where:
"A" is the value of the lump sum benefit that has accrued in respect of the interest at the relevant date, being the product of the member spouse's accrued benefit multiple for a lump sum, as provided by the trustee under section 90MZB of the Act, and the salary figure on which benefits in respect of the interest, at that date, would be based, assuming that the member spouse were eligible to retire at that date.
f y+m is the lump sum valuation factor calculated in accordance with subclause (2).
(2) For subclause (1), the lump sum valuation factor ( f y+m ) at the relevant date is calculated as follows:
where:
"f y " is the lump sum valuation factor mentioned in clause 4 of this Schedule that applies at the relevant date to the term remaining in complete years until the member spouse reaches the member's retirement age.
"m" is the number of complete months of the remaining term that are not included in the remaining complete years at the relevant date.
f y+1 is the lump sum valuation factor mentioned in clause 4 of this Schedule that would apply if the member spouse's term to retirement in complete years were one year more than the member spouse's term to retirement in complete years at the relevant date.
4 Lump sum valuation factors
This clause sets out the lump sum valuation factors.
|
Remaining term until retirement |
|
|
44 |
0.3411 |
|
43 |
0.3497 |
|
42 |
0.3586 |
|
41 |
0.3677 |
|
40 |
0.3771 |
|
39 |
0.3869 |
|
38 |
0.3971 |
|
37 |
0.4077 |
|
36 |
0.4186 |
|
35 |
0.4301 |
|
34 |
0.4419 |
|
33 |
0.4542 |
|
32 |
0.4669 |
|
31 |
0.4800 |
|
30 |
0.4935 |
|
29 |
0.5065 |
|
28 |
0.5197 |
|
27 |
0.5333 |
|
26 |
0.5471 |
|
25 |
0.5612 |
|
24 |
0.5755 |
|
23 |
0.5903 |
|
22 |
0.6053 |
|
21 |
0.6207 |
|
20 |
0.6364 |
|
19 |
0.6525 |
|
18 |
0.6689 |
|
17 |
0.6857 |
|
16 |
0.7029 |
|
15 |
0.7204 |
|
14 |
0.7384 |
|
13 |
0.7567 |
|
12 |
0.7755 |
|
11 |
0.7947 |
|
10 |
0.8143 |
|
9 |
0.8345 |
|
8 |
0.8551 |
|
7 |
0.8763 |
|
6 |
0.8981 |
|
5 |
0.9206 |
|
4 |
0.9316 |
|
3 |
0.9446 |
|
2 |
0.9599 |
|
1 |
0.9782 |
|
0 |
1.0000 |
Part 3 Interest relating to current employment -- benefit payable only as pension
5 Method
(1) The method is:
where:
"VN" is the lump sum value of the accrued pension benefit in respect of the interest at the member's retirement age, calculated in accordance with subclause (2).
f y+m is the lump sum valuation factor calculated in accordance with subclause 3 (2) of this Schedule.
(2) For subclause (1), the lump sum value of the accrued pension benefit in respect of the interest at the member's retirement age ( VN ) is calculated as follows:
where:
"B" is the value of the pension benefit that had accrued in respect of the interest at the relevant date, being the product of the member's accrued benefit multiple for a pension, as provided by the trustee under section 90MZB of the Act, and the salary figure on which benefits in respect of the interest, at that date, would be based, assuming that the member were eligible to retire at that date.
"P ra " is the pension valuation factor mentioned in the relevant clause of this Part that applies to the pension and the member's retirement age.
"R sa " is the reversion valuation factor mentioned in the relevant clause of this Part that applies to the pension and the member's age in completed years at the relevant date.
"r" is the proportion of payments in respect of the interest that a non-member spouse would receive as the reversionary beneficiary of the member, on the death of the member, as provided by the trustee under section 90MZB of the Act.
6 Valuation factors -- no guarantee period -- pension not indexed
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is not indexed.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
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 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
1.610 |
0.691 |
|
41 |
1.557 |
0.649 |
|
42 |
1.503 |
0.608 |
|
43 |
1.449 |
0.567 |
|
44 |
1.396 |
0.525 |
|
45 |
1.342 |
0.484 |
|
46 |
1.288 |
0.442 |
|
47 |
1.235 |
0.401 |
|
48 |
1.181 |
0.359 |
|
49 |
1.127 |
0.318 |
|
50 |
1.073 |
0.276 |
|
51 |
0.912 |
0.235 |
|
52 |
0.751 |
0.193 |
|
53 |
0.590 |
0.152 |
|
54 |
0.429 |
0.111 |
|
55 and over |
0.268 |
0.069 |
7 Valuation factors -- no guarantee period -- CPI indexed pension
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed in accordance with the consumer price index.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.7468 |
17.2848 |
|
56 |
15.4181 |
16.9910 |
|
57 |
15.0833 |
16.6899 |
|
58 |
14.7428 |
16.3814 |
|
59 |
14.3970 |
16.0652 |
|
60 |
14.0464 |
15.7414 |
|
61 |
13.6917 |
15.4099 |
|
62 |
13.3333 |
15.0707 |
|
63 |
12.9718 |
14.7241 |
|
64 |
12.6079 |
14.3703 |
|
65 |
12.2423 |
14.0096 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.761 |
1.189 |
|
41 |
2.669 |
1.118 |
|
42 |
2.577 |
1.046 |
|
43 |
2.485 |
0.975 |
|
44 |
2.393 |
0.904 |
|
45 |
2.301 |
0.832 |
|
46 |
2.209 |
0.761 |
|
47 |
2.117 |
0.690 |
|
48 |
2.025 |
0.618 |
|
49 |
1.933 |
0.547 |
|
50 |
1.841 |
0.476 |
|
51 |
1.565 |
0.404 |
|
52 |
1.288 |
0.333 |
|
53 |
1.012 |
0.262 |
|
54 |
0.736 |
0.190 |
|
55 and over |
0.460 |
0.119 |
7A Valuation factors -- no guarantee period -- CPI indexed pension with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed in accordance with the consumer price index with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.5689 |
17.0704 |
|
56 |
15.2477 |
16.7844 |
|
57 |
14.9204 |
16.4912 |
|
58 |
14.5872 |
16.1904 |
|
59 |
14.2486 |
15.8821 |
|
60 |
13.9052 |
15.5660 |
|
61 |
13.5575 |
15.2421 |
|
62 |
13.2060 |
14.9106 |
|
63 |
12.8512 |
14.5715 |
|
64 |
12.4939 |
14.2252 |
|
65 |
12.1346 |
13.8719 |
|
Member's age at
relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.700 |
1.162 |
|
41 |
2.610 |
1.093 |
|
42 |
2.520 |
1.023 |
|
43 |
2.430 |
0.953 |
|
44 |
2.340 |
0.883 |
|
45 |
2.250 |
0.814 |
|
46 |
2.160 |
0.744 |
|
47 |
2.070 |
0.674 |
|
48 |
1.980 |
0.604 |
|
49 |
1.890 |
0.535 |
|
50 |
1.800 |
0.465 |
|
51 |
1.530 |
0.395 |
|
52 |
1.260 |
0.325 |
|
53 |
0.990 |
0.256 |
|
54 |
0.720 |
0.186 |
|
55 and over |
0.450 |
0.116 |
8 Valuation factors -- no guarantee period -- CPI indexed pension plus 1%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.7072 |
19.6689 |
|
56 |
17.2911 |
19.2823 |
|
57 |
16.8702 |
18.8890 |
|
58 |
16.4451 |
18.4890 |
|
59 |
16.0162 |
18.0823 |
|
60 |
15.5842 |
17.6687 |
|
61 |
15.1500 |
17.2484 |
|
62 |
14.7139 |
16.8216 |
|
63 |
14.2768 |
16.3886 |
|
64 |
13.8395 |
15.9499 |
|
65 |
13.4026 |
15.5057 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.469 |
1.497 |
|
41 |
3.354 |
1.407 |
|
42 |
3.238 |
1.317 |
|
43 |
3.122 |
1.228 |
|
44 |
3.007 |
1.138 |
|
45 |
2.891 |
1.048 |
|
46 |
2.776 |
0.958 |
|
47 |
2.660 |
0.868 |
|
48 |
2.544 |
0.779 |
|
49 |
2.429 |
0.689 |
|
50 |
2.313 |
0.599 |
|
51 |
1.966 |
0.509 |
|
52 |
1.619 |
0.419 |
|
53 |
1.272 |
0.329 |
|
54 |
0.925 |
0.240 |
|
55 and over |
0.578 |
0.150 |
9 Valuation factors -- no guarantee period -- CPI indexed pension plus 1% with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.2871 |
19.1547 |
|
56 |
16.8903 |
18.7889 |
|
57 |
16.4885 |
18.4163 |
|
58 |
16.0820 |
18.0367 |
|
59 |
15.6714 |
17.6501 |
|
60 |
15.2573 |
17.2564 |
|
61 |
14.8404 |
16.8558 |
|
62 |
14.4213 |
16.4483 |
|
63 |
14.0007 |
16.0344 |
|
64 |
13.5793 |
15.6143 |
|
65 |
13.1579 |
15.1883 |
|
|
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.313 |
1.429 |
|
41 |
3.202 |
1.343 |
|
42 |
3.092 |
1.257 |
|
43 |
2.981 |
1.172 |
|
44 |
2.871 |
1.086 |
|
45 |
2.760 |
1.000 |
|
46 |
2.650 |
0.914 |
|
47 |
2.540 |
0.829 |
|
48 |
2.429 |
0.743 |
|
49 |
2.319 |
0.657 |
|
50 |
2.208 |
0.572 |
|
51 |
1.877 |
0.486 |
|
52 |
1.546 |
0.400 |
|
53 |
1.215 |
0.314 |
|
54 |
0.883 |
0.229 |
|
55 and over |
0.552 |
0.143 |
10 Valuation factors -- no guarantee period -- wage indexed pension
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics).
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
18.8258 |
21.0463 |
|
56 |
18.3565 |
20.6017 |
|
57 |
17.8836 |
20.1513 |
|
58 |
17.4074 |
19.6949 |
|
59 |
16.9288 |
19.2325 |
|
60 |
16.4483 |
18.7641 |
|
61 |
15.9668 |
18.2900 |
|
62 |
15.4849 |
17.8104 |
|
63 |
15.0034 |
17.3256 |
|
64 |
14.5232 |
16.8361 |
|
65 |
14.0448 |
16.3424 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.900 |
1.685 |
|
41 |
3.770 |
1.584 |
|
42 |
3.640 |
1.483 |
|
43 |
3.510 |
1.382 |
|
44 |
3.380 |
1.280 |
|
45 |
3.250 |
1.179 |
|
46 |
3.120 |
1.078 |
|
47 |
2.990 |
0.977 |
|
48 |
2.860 |
0.876 |
|
49 |
2.730 |
0.775 |
|
50 |
2.600 |
0.674 |
|
51 |
2.210 |
0.573 |
|
52 |
1.820 |
0.472 |
|
53 |
1.430 |
0.371 |
|
54 |
1.040 |
0.270 |
|
55 and over |
0.650 |
0.168 |
11 Valuation factors -- no guarantee period -- pension indexed at 3%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed at 3%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
16.6841 |
18.4198 |
|
56 |
16.3146 |
18.0830 |
|
57 |
15.9395 |
17.7392 |
|
58 |
15.5593 |
17.3881 |
|
59 |
15.1744 |
17.0298 |
|
60 |
14.7856 |
16.6641 |
|
61 |
14.3934 |
16.2910 |
|
62 |
13.9983 |
15.9108 |
|
63 |
13.6010 |
15.5236 |
|
64 |
13.2024 |
15.1299 |
|
65 |
12.8029 |
14.7298 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.092 |
1.333 |
|
41 |
2.989 |
1.253 |
|
42 |
2.886 |
1.173 |
|
43 |
2.783 |
1.093 |
|
44 |
2.680 |
1.013 |
|
45 |
2.577 |
0.933 |
|
46 |
2.474 |
0.853 |
|
47 |
2.371 |
0.773 |
|
48 |
2.268 |
0.693 |
|
49 |
2.164 |
0.613 |
|
50 |
2.061 |
0.533 |
|
51 |
1.752 |
0.453 |
|
52 |
1.443 |
0.373 |
|
53 |
1.134 |
0.293 |
|
54 |
0.825 |
0.213 |
|
55 and over |
0.515 |
0.133 |
12 Valuation factors -- no guarantee period -- pension indexed at 5%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has no guarantee period; and
(b) is indexed at 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
21.3952 |
24.2520 |
|
56 |
20.7954 |
23.6617 |
|
57 |
20.1954 |
23.0683 |
|
58 |
19.5956 |
22.4716 |
|
59 |
18.9968 |
21.8718 |
|
60 |
18.4000 |
21.2690 |
|
61 |
17.8059 |
20.6634 |
|
62 |
17.2152 |
20.0555 |
|
63 |
16.6287 |
19.4457 |
|
64 |
16.0475 |
18.8345 |
|
65 |
15.4722 |
18.2227 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
4.953 |
2.145 |
|
41 |
4.788 |
2.017 |
|
42 |
4.623 |
1.888 |
|
43 |
4.458 |
1.759 |
|
44 |
4.293 |
1.631 |
|
45 |
4.128 |
1.502 |
|
46 |
3.963 |
1.373 |
|
47 |
3.798 |
1.244 |
|
48 |
3.633 |
1.116 |
|
49 |
3.467 |
0.987 |
|
50 |
3.302 |
0.858 |
|
51 |
2.807 |
0.729 |
|
52 |
2.312 |
0.601 |
|
53 |
1.816 |
0.472 |
|
54 |
1.321 |
0.343 |
|
55 and over |
0.826 |
0.215 |
13 Valuation factors -- 5‑year guarantee period -- pension not indexed
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is not indexed.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
12.1315 |
12.9696 |
|
56 |
11.9499 |
12.8204 |
|
57 |
11.7625 |
12.6651 |
|
58 |
11.5694 |
12.5032 |
|
59 |
11.3710 |
12.3346 |
|
60 |
11.1674 |
12.1591 |
|
61 |
10.9591 |
11.9766 |
|
62 |
10.7465 |
11.7870 |
|
63 |
10.5298 |
11.5903 |
|
64 |
10.3097 |
11.3867 |
|
65 |
10.0866 |
11.1761 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
1.539 |
0.662 |
|
41 |
1.488 |
0.623 |
|
42 |
1.436 |
0.583 |
|
43 |
1.385 |
0.543 |
|
44 |
1.334 |
0.503 |
|
45 |
1.283 |
0.464 |
|
46 |
1.231 |
0.424 |
|
47 |
1.180 |
0.384 |
|
48 |
1.129 |
0.344 |
|
49 |
1.077 |
0.305 |
|
50 |
1.026 |
0.265 |
|
51 |
0.872 |
0.225 |
|
52 |
0.718 |
0.185 |
|
53 |
0.564 |
0.146 |
|
54 |
0.410 |
0.106 |
|
55 and over |
0.257 |
0.066 |
14 Valuation factors -- 5‑year guarantee period -- CPI indexed pension
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed in accordance with the consumer price index.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.8066 |
17.3207 |
|
56 |
15.4846 |
17.0304 |
|
57 |
15.1573 |
16.7331 |
|
58 |
14.8253 |
16.4286 |
|
59 |
14.4889 |
16.1170 |
|
60 |
14.1488 |
15.7981 |
|
61 |
13.8057 |
15.4722 |
|
62 |
13.4602 |
15.1392 |
|
63 |
13.1129 |
14.7996 |
|
64 |
12.7646 |
14.4537 |
|
65 |
12.4160 |
14.1017 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.685 |
1.159 |
|
41 |
2.595 |
1.090 |
|
42 |
2.506 |
1.020 |
|
43 |
2.416 |
0.950 |
|
44 |
2.327 |
0.881 |
|
45 |
2.237 |
0.811 |
|
46 |
2.148 |
0.742 |
|
47 |
2.058 |
0.672 |
|
48 |
1.969 |
0.603 |
|
49 |
1.879 |
0.533 |
|
50 |
1.790 |
0.464 |
|
51 |
1.521 |
0.394 |
|
52 |
1.253 |
0.325 |
|
53 |
0.984 |
0.255 |
|
54 |
0.716 |
0.185 |
|
55 and over |
0.447 |
0.116 |
14A Valuation factors -- 5‑year guarantee period -- CPI indexed pension with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed in accordance with the consumer price index with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.6284 |
17.1062 |
|
56 |
15.3140 |
16.8237 |
|
57 |
14.9942 |
16.5342 |
|
58 |
14.6694 |
16.2376 |
|
59 |
14.3403 |
15.9337 |
|
60 |
14.0073 |
15.6225 |
|
61 |
13.6712 |
15.3042 |
|
62 |
13.3325 |
14.9789 |
|
63 |
12.9919 |
14.6468 |
|
64 |
12.6500 |
14.3083 |
|
65 |
12.3077 |
13.9636 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.624 |
1.133 |
|
41 |
2.536 |
1.065 |
|
42 |
2.449 |
0.997 |
|
43 |
2.361 |
0.929 |
|
44 |
2.274 |
0.861 |
|
45 |
2.186 |
0.793 |
|
46 |
2.099 |
0.725 |
|
47 |
2.011 |
0.657 |
|
48 |
1.924 |
0.589 |
|
49 |
1.836 |
0.521 |
|
50 |
1.749 |
0.453 |
|
51 |
1.487 |
0.385 |
|
52 |
1.224 |
0.317 |
|
53 |
0.962 |
0.249 |
|
54 |
0.700 |
0.181 |
|
55 and over |
0.437 |
0.113 |
15 Valuation factors -- 5‑year guarantee period -- CPI indexed pension plus 1%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.7689 |
19.7060 |
|
56 |
17.3598 |
19.3230 |
|
57 |
16.9467 |
18.9337 |
|
58 |
16.5303 |
18.5379 |
|
59 |
16.1111 |
18.1357 |
|
60 |
15.6900 |
17.7273 |
|
61 |
15.2677 |
17.3127 |
|
62 |
14.8450 |
16.8924 |
|
63 |
14.4226 |
16.4666 |
|
64 |
14.0013 |
16.0359 |
|
65 |
13.5820 |
15.6008 |
|
|
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.391 |
1.467 |
|
41 |
3.278 |
1.379 |
|
42 |
3.165 |
1.291 |
|
43 |
3.052 |
1.203 |
|
44 |
2.939 |
1.115 |
|
45 |
2.826 |
1.027 |
|
46 |
2.713 |
0.939 |
|
47 |
2.600 |
0.851 |
|
48 |
2.487 |
0.763 |
|
49 |
2.374 |
0.675 |
|
50 |
2.261 |
0.587 |
|
51 |
1.922 |
0.499 |
|
52 |
1.583 |
0.411 |
|
53 |
1.243 |
0.323 |
|
54 |
0.904 |
0.235 |
|
55 and over |
0.565 |
0.147 |
16 Valuation factors -- 5‑year guarantee period -- CPI indexed pension plus 1% with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.3484 |
19.1916 |
|
56 |
16.9586 |
18.8294 |
|
57 |
16.5645 |
18.4606 |
|
58 |
16.1666 |
18.0852 |
|
59 |
15.7657 |
17.7032 |
|
60 |
15.3624 |
17.3147 |
|
61 |
14.9574 |
16.9197 |
|
62 |
14.5515 |
16.5186 |
|
63 |
14.1455 |
16.1118 |
|
64 |
13.7400 |
15.6998 |
|
65 |
13.3360 |
15.2828 |
|
|
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.235 |
1.399 |
|
41 |
3.127 |
1.315 |
|
42 |
3.019 |
1.231 |
|
43 |
2.911 |
1.147 |
|
44 |
2.803 |
1.063 |
|
45 |
2.696 |
0.979 |
|
46 |
2.588 |
0.895 |
|
47 |
2.480 |
0.811 |
|
48 |
2.372 |
0.727 |
|
49 |
2.264 |
0.643 |
|
50 |
2.157 |
0.559 |
|
51 |
1.833 |
0.476 |
|
52 |
1.510 |
0.392 |
|
53 |
1.186 |
0.308 |
|
54 |
0.863 |
0.224 |
|
55 and over |
0.539 |
0.140 |
17 Valuation factors -- 5‑year guarantee period -- wage indexed pension
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics).
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
18.8886 |
21.0840 |
|
56 |
18.4263 |
20.6431 |
|
57 |
17.9613 |
20.1966 |
|
58 |
17.4940 |
19.7445 |
|
59 |
17.0252 |
19.2868 |
|
60 |
16.5558 |
18.8237 |
|
61 |
16.0865 |
18.3554 |
|
62 |
15.6182 |
17.8823 |
|
63 |
15.1515 |
17.4048 |
|
64 |
14.6876 |
16.9236 |
|
65 |
14.2271 |
16.4390 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.821 |
1.654 |
|
41 |
3.693 |
1.555 |
|
42 |
3.566 |
1.456 |
|
43 |
3.439 |
1.357 |
|
44 |
3.311 |
1.257 |
|
45 |
3.184 |
1.158 |
|
46 |
3.057 |
1.059 |
|
47 |
2.929 |
0.960 |
|
48 |
2.802 |
0.860 |
|
49 |
2.674 |
0.761 |
|
50 |
2.547 |
0.662 |
|
51 |
2.165 |
0.563 |
|
52 |
1.783 |
0.463 |
|
53 |
1.401 |
0.364 |
|
54 |
1.019 |
0.265 |
|
55 and over |
0.637 |
0.165 |
18 Valuation factors -- 5‑year guarantee period -- pension indexed at 3%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed at 3%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
16.7449 |
18.4563 |
|
56 |
16.3822 |
18.1231 |
|
57 |
16.0147 |
17.7831 |
|
58 |
15.6431 |
17.4362 |
|
59 |
15.2678 |
17.0824 |
|
60 |
14.8897 |
16.7217 |
|
61 |
14.5093 |
16.3543 |
|
62 |
14.1273 |
15.9804 |
|
63 |
13.7445 |
15.6004 |
|
64 |
13.3616 |
15.2146 |
|
65 |
12.9794 |
14.8234 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.015 |
1.303 |
|
41 |
2.914 |
1.225 |
|
42 |
2.814 |
1.147 |
|
43 |
2.713 |
1.068 |
|
44 |
2.613 |
0.990 |
|
45 |
2.512 |
0.912 |
|
46 |
2.412 |
0.834 |
|
47 |
2.311 |
0.756 |
|
48 |
2.211 |
0.677 |
|
49 |
2.110 |
0.599 |
|
50 |
2.010 |
0.521 |
|
51 |
1.708 |
0.443 |
|
52 |
1.407 |
0.365 |
|
53 |
1.105 |
0.287 |
|
54 |
0.804 |
0.208 |
|
55 and over |
0.502 |
0.130 |
19 Valuation factors -- 5‑year guarantee period -- pension indexed at 5%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 5‑year guarantee period; and
(b) is indexed at 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
21.4599 |
24.2910 |
|
56 |
20.8675 |
23.7045 |
|
57 |
20.2756 |
23.1151 |
|
58 |
19.6850 |
22.5228 |
|
59 |
19.0964 |
21.9279 |
|
60 |
18.5109 |
21.3304 |
|
61 |
17.9294 |
20.7309 |
|
62 |
17.3527 |
20.1297 |
|
63 |
16.7816 |
19.5275 |
|
64 |
16.2172 |
18.9248 |
|
65 |
15.6603 |
18.3224 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
4.873 |
2.115 |
|
41 |
4.710 |
1.988 |
|
42 |
4.548 |
1.861 |
|
43 |
4.385 |
1.734 |
|
44 |
4.223 |
1.607 |
|
45 |
4.061 |
1.480 |
|
46 |
3.898 |
1.354 |
|
47 |
3.736 |
1.227 |
|
48 |
3.573 |
1.100 |
|
49 |
3.411 |
0.973 |
|
50 |
3.249 |
0.846 |
|
51 |
2.761 |
0.719 |
|
52 |
2.274 |
0.592 |
|
53 |
1.787 |
0.465 |
|
54 |
1.299 |
0.338 |
|
55 and over |
0.812 |
0.211 |
20 Valuation factors -- 10‑year guarantee period -- pension not indexed
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 10‑year guarantee period; and
(b) is not indexed.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
12.2909 |
13.0621 |
|
56 |
12.1271 |
12.9219 |
|
57 |
11.9595 |
12.7762 |
|
58 |
11.7882 |
12.6251 |
|
59 |
11.6138 |
12.4684 |
|
60 |
11.4366 |
12.3062 |
|
61 |
11.2571 |
12.1385 |
|
62 |
11.0757 |
11.9655 |
|
63 |
10.8928 |
11.7872 |
|
64 |
10.7090 |
11.6040 |
|
65 |
10.5246 |
11.4161 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
1.369 |
0.596 |
|
41 |
1.323 |
0.560 |
|
42 |
1.278 |
0.525 |
|
43 |
1.232 |
0.489 |
|
44 |
1.187 |
0.453 |
|
45 |
1.141 |
0.417 |
|
46 |
1.095 |
0.382 |
|
47 |
1.050 |
0.346 |
|
48 |
1.004 |
0.310 |
|
49 |
0.958 |
0.274 |
|
50 |
0.913 |
0.239 |
|
51 |
0.776 |
0.203 |
|
52 |
0.639 |
0.167 |
|
53 |
0.502 |
0.131 |
|
54 |
0.365 |
0.095 |
|
55 and over |
0.228 |
0.060 |
21 Valuation factors -- 10‑year guarantee period -- CPI indexed pension
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 10‑year guarantee period; and
(b) is indexed in accordance with the consumer price index.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.9998 |
17.4328 |
|
56 |
15.6993 |
17.1533 |
|
57 |
15.3960 |
16.8677 |
|
58 |
15.0903 |
16.5763 |
|
59 |
14.7830 |
16.2791 |
|
60 |
14.4749 |
15.9764 |
|
61 |
14.1666 |
15.6684 |
|
62 |
13.8589 |
15.3555 |
|
63 |
13.5525 |
15.0382 |
|
64 |
13.2481 |
14.7170 |
|
65 |
12.9464 |
14.3924 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.482 |
1.083 |
|
41 |
2.399 |
1.018 |
|
42 |
2.317 |
0.953 |
|
43 |
2.234 |
0.888 |
|
44 |
2.151 |
0.823 |
|
45 |
2.068 |
0.758 |
|
46 |
1.986 |
0.693 |
|
47 |
1.903 |
0.628 |
|
48 |
1.820 |
0.563 |
|
49 |
1.737 |
0.498 |
|
50 |
1.655 |
0.433 |
|
51 |
1.406 |
0.368 |
|
52 |
1.158 |
0.303 |
|
53 |
0.910 |
0.238 |
|
54 |
0.662 |
0.173 |
|
55 and over |
0.414 |
0.108 |
21A Valuation factors -- 10‑year guarantee period -- CPI indexed pension with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 10‑year guarantee period; and
(b) is indexed in accordance with the consumer price index with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
15.8202 |
17.2175 |
|
56 |
15.5271 |
16.9456 |
|
57 |
15.2310 |
16.6678 |
|
58 |
14.9325 |
16.3841 |
|
59 |
14.6322 |
16.0946 |
|
60 |
14.3309 |
15.7994 |
|
61 |
14.0294 |
15.4989 |
|
62 |
13.7282 |
15.1935 |
|
63 |
13.4281 |
14.8835 |
|
64 |
13.1299 |
14.5696 |
|
65 |
12.8342 |
14.2522 |
|
Member's age at relevant date |
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
2.422 |
1.057 |
|
41 |
2.342 |
0.993 |
|
42 |
2.261 |
0.930 |
|
43 |
2.180 |
0.866 |
|
44 |
2.099 |
0.803 |
|
45 |
2.019 |
0.740 |
|
46 |
1.938 |
0.676 |
|
47 |
1.857 |
0.613 |
|
48 |
1.776 |
0.549 |
|
49 |
1.696 |
0.486 |
|
50 |
1.615 |
0.423 |
|
51 |
1.373 |
0.359 |
|
52 |
1.130 |
0.296 |
|
53 |
0.888 |
0.232 |
|
54 |
0.646 |
0.169 |
|
55 and over |
0.404 |
0.106 |
22 Valuation factors -- 10‑year guarantee period -- CPI indexed pension plus 1%
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 10‑year guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.9774 |
19.8270 |
|
56 |
17.5915 |
19.4555 |
|
57 |
17.2041 |
19.0789 |
|
58 |
16.8162 |
18.6971 |
|
59 |
16.4284 |
18.3106 |
|
60 |
16.0417 |
17.9195 |
|
61 |
15.6570 |
17.5244 |
|
62 |
15.2751 |
17.1256 |
|
63 |
14.8967 |
16.7239 |
|
64 |
14.5228 |
16.3199 |
|
65 |
14.1540 |
15.9144 |
|
|
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.175 |
1.387 |
|
41 |
3.069 |
1.303 |
|
42 |
2.963 |
1.220 |
|
43 |
2.857 |
1.137 |
|
44 |
2.752 |
1.054 |
|
45 |
2.646 |
0.971 |
|
46 |
2.540 |
0.887 |
|
47 |
2.434 |
0.804 |
|
48 |
2.328 |
0.721 |
|
49 |
2.222 |
0.638 |
|
50 |
2.117 |
0.555 |
|
51 |
1.799 |
0.471 |
|
52 |
1.482 |
0.388 |
|
53 |
1.164 |
0.305 |
|
54 |
0.847 |
0.222 |
|
55 and over |
0.529 |
0.139 |
23 Valuation factors -- 10‑year guarantee period -- CPI indexed pension plus 1% with 5% cap
The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:
(a) has a 10‑year guarantee period; and
(b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%.
|
|
Pension valuation factors |
|
|
Male |
Female |
|
|
55 |
17.5537 |
19.3107 |
|
56 |
17.1868 |
18.9599 |
|
57 |
16.8181 |
18.6037 |
|
58 |
16.4483 |
18.2421 |
|
59 |
16.0783 |
17.8755 |
|
60 |
15.7088 |
17.5040 |
|
61 |
15.3409 |
17.1282 |
|
62 |
14.9752 |
16.7484 |
|
63 |
14.6125 |
16.3653 |
|
64 |
14.2537 |
15.9795 |
|
65 |
13.8995 |
15.5917 |
|
|
Reversion valuation factors |
|
|
Male |
Female |
|
|
Up to 40 |
3.021 |
1.319 |
|
41 |
2.920 |
1.240 |
|
42 |
2.820 |
1.161 |
|
43 |
2.719 |
1.082 |
|
44 |
2.618 |
1.002 |
|
45 |
2.518 |
0.923 |
|
46 |
2.417 |
0.844 |
|
47 |
2.316 |
0.765 |
|
48 |
2.215 |
0.686 |
|
49 |
2.115 |
0.607 |
|
50 |
2.014 |
0.528 |