Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) The annual rate of the standard pension that is payable at the operative time in respect of the original interest is reduced to an amount calculated as follows:
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Step 1 |
Identify the annual rate of standard pension that was payable in relation to the member spouse immediately before the operative time. |
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Step 2A |
If the standard pension payable in relation to the member spouse is a pension payable to a widow, or an associate pension, identify a factor for the member spouse that is equal to the value Py+m specified in subclause 2 (2) of Schedule 4 to the FLS Regulations, calculated immediately before the operative time. |
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Step 2B |
If step 2A does not apply, identify a factor for the member spouse that is equal to the value (Py+m + (r x R y+m )) specified in subclause 2 (2) of Schedule 4 to the FLS Regulations, calculated immediately before the operative time. |
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Step 3 |
Multiply the annual rate of standard pension by the factor worked out in step 2A or 2B. |
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Step 4 |
Identify the transfer amount in relation to the non-member spouse and subtract it from the amount worked out in step 3. |
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Step 5 |
Divide the amount worked out in step 4 by the factor worked out in step 2A or 2B. The result is the annual rate of the standard pension payable after the operative time in respect of the original interest. |
(2) The reduction under subregulation (1) is to be disregarded in calculating the amount of any non-standard pension that later becomes payable.
Example
The reduction will be disregarded in calculating the amount of a pension under regulation 43 in respect of a child of the member spouse after the death of the member spouse.
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