Link to law: https://www.comlaw.gov.au/Details/F2013L00456

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Governor‑General Allowance Order 2013

I, Penelope Ying Yen Wong, Minister for Finance and Deregulation, make the following order under the Governor‑General Act 1974.

Dated: 12 March 2013

Penelope Ying Yen Wong

Minister for Finance and Deregulation

Contents

Part 1—Preliminary 1

1............ Name of order............................................................................................................... 1

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

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

4............ Definitions..................................................................................................................... 1

Part 2—Scheme value and allowance rates 2

5............ Scheme value................................................................................................................. 2

6............ Associate immediate allowance for non‑member spouse............................................... 2

7............ Associate deferred allowance for non‑member spouse.................................................. 3

8............ Associate deferred allowance—death of non‑member spouse....................................... 5

9............ Reduction of retirement allowance payable after operative time..................................... 5

10.......... Reduction of spouse allowance payable after operative time......................................... 7

11.......... Operative time during growth phase—reduction of associate deferred allowance......... 9

12.......... Reduction of standard allowance payable at operative time......................................... 12

13.......... Reduction of standard allowance payable at operative time if superannuation surcharge applies 16

Schedule 1—Methods and factors 19

Part 1—Methods 19

Division 1.1—Interpretation 19

1............ Definitions................................................................................................................... 19

Division 1.2—Interests in the growth phase 20

2............ Methods and factors for determining interest in the Scheme....................................... 20

Division 1.3—Interests in the payment phase 22

3............ Methods and factors for determining interest in the Scheme....................................... 22

Division 1.4—Factors 23

Part 2—Factors 26

Part 1—Preliminary

1 Name of order

This order is the Governor‑General Allowance Order 2013.

2 Commencement

This order commences on 15 March 2013.

3 Authority

This order is made under the Governor‑General Act 1974.

4 Definitions

In this order:

Act means the Governor‑General Act 1974.

Chief Justice’s salary means the annual rate of the salary of the Chief Justice of the High Court of Australia.

Table 1 means Table 1 of Part 2 of Schedule 1.

Table 2 means Table 2 of Part 2 of Schedule 1.

Treasury bond rate means:

(a) if Treasury bonds with a 10 year term were issued on the last working day of the financial year ending immediately before the period for which the increase is being calculated—the annual rate of return on those bonds; or

(b) in any other case—the annual rate of return on Treasury bonds with a 10 year term, as published by the Reserve Bank of Australia for that day.

Note: For the definitions of the following terms, see subsection 2A(2) of the Act:

(a) associate deferred allowance;

(b) associate immediate allowance;

(c) member spouse;

(d) operative time;

(e) retirement allowance;

(f) transfer amount.

Part 2—Scheme value and allowance rates

5 Scheme value

For the definition of scheme value in subsection 2A(2) of the Act, the scheme value in relation to the member spouse is determined using the methods and factors set out in Schedule 1 as in force at the operative time.

6 Associate immediate allowance for non‑member spouse

For subsection 4AB(2) of the Act the rate is calculated as follows:

Method statement

Step 1. Identify the transfer amount that was payable at the operative time.

Step 2. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the non‑member spouse’s gender, and age in whole years, at the operative time.

Fy+1is the number in Table 1 that would apply to the non‑member spouse if the non‑member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the non‑member spouse’s age that are not included in the non‑member spouse’s age in whole years at the operative time.

Step 3. Divide the amount identified in step 1 by the amount calculated in step 2.

Step 4. Divide the amount calculated in step 3 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 5. Multiply the amount calculated in step 4 by the Chief Justice’s salary.

7 Associate deferred allowance for non‑member spouse

For subsection 4AC(1) of the Act, the annual rate is calculated as follows:

Method statement

Step 1. Identify the transfer amount that was payable at the operative time.

Step 2A. Add the amount identified in step 1 to the increases in the transfer amount calculated in steps 2B, 2C and 2D.

Step 2B. First period

Identify the shorter of:

(a) the period between the operative time and the end of the financial year in which the operative time occurs; and

(b) the period between the operative time and when the associate deferred allowance becomes payable.

This is the first period.

Calculate the increase in the transfer amount for the first period using the formula:

where:

amount is the amount identified in step 1.

rate is the Treasury bond rate for the financial year in which the first period occurs.

time is the number of days in the first period.

Round the result to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 2C. Second period (if any)

Use this step if one or more full financial years occurs immediately after the end of the first period and before the associate deferred allowance becomes payable.

This is the second period.

Calculate the increase in the transfer amount for each full financial year of the second period using the formula:

where:

increased amount is the amount identified in step 1, added to:

(a) the increase in the transfer amount calculated in step 2B; and

(b) any increases in the transfer amount calculated under this step for earlier financial years in the second period.

rate is the Treasury bond rate for the financial year for which the calculation is being made.

Round the amount to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 2D. Final period (if any)

Use this step if:

(a) there is any period between the end of a financial year and when the associate deferred allowance becomes payable; and

(b) neither step 2B nor step 2C covers that period.

This is the final period.

Calculate the increase in the transfer amount for the final period using the formula:

where:

increased amount is the amount identified in step 1, added to:

(a) the increase in the transfer amount calculated in step 2B; and

(b) the increases in the transfer amount calculated in step 2C for each financial year in the second period.

rate is the Treasury bond rate for the financial year in which the final period occurs.

time is the number of days in the final period.

Round the result to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 3. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the non‑member spouse’s gender, and age in whole years, when the associate deferred allowance becomes payable.

Fy+1 is the number in Table 1 that would apply to the non‑member spouse if the non‑member spouse’s age in whole years was one year more than it was when the associate deferred allowance becomes payable.

m is the number of whole months of the non‑member spouse’s age that are not included in the non‑member spouse’s age in whole years when the associate deferred allowance becomes payable.

Step 4. Divide the transfer amount, as increased in step 2A, by the amount in step 3.

Step 5. Divide the amount calculated in step 4 by the Chief Justice’s salary when the allowance becomes payable.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 6. Multiply the amount calculated in step 5 by the Chief Justice’s salary.

8 Associate deferred allowance—death of non‑member spouse

(1) This section is made for subsection 4AC(6) of the Act.

(2) The amount payable is the transfer amount that was payable at the date of death:

(a) reduced by any payment split before the date of death; and

(b) increased in the way described in step 2A in section 7 as if an associate deferred allowance had become payable at the date of death.

9 Reduction of retirement allowance payable after operative time

For paragraph 4AE(2)(b) of the Act, the rate is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance when the allowance became payable, disregarding subsection 4(4) of the Act.

Step 2. Identify the annual rate of the retirement allowance that would have been payable had the Governor General retired at the operative time, disregarding subsection 4(4) of the Act.

Step 3. Identify the annual rate of the retirement allowance that would have been payable had the Governor General retired at the operative time, having regard to subsection 4(4) of the Act.

Step 4. Calculate an amount using the formula:

where:

Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, when the member spouse was expected to complete his or her term of office (based on the information available at the operative time).

Fy+1is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was when the member spouse is expected to complete his or her term of office.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years when the member spouse is expected to complete his or her term of office.

Step 5. Multiply the amount identified in step 3 by the amount calculated in step 4.

Step 6. Calculate an amount using the formula:

where:

n is the number of days between the operative time and the time the member spouse was expected to complete his or her term of office (based on the information available at the operative time), divided by 365.

Example: If a payment split occurs after 2 years of an expected 5 year term, the number of days between the operative time and time the member spouse is expected to complete his or her term of office is 1095 (i.e. 3 x 365). So, n is 3 (i.e. 1093 ÷ 365).

Step 7. Multiply the amount calculated in step 5 by the amount calculated in step 6.

Step 8. Divide the transfer amount by the amount calculated in step 7.

Step 9. Multiply the amount identified in step 3 by the amount calculated in step 8.

Step 10. Divide the amount calculated in step 9 by the amount identified in step 2.

Step 11. Multiply the amount identified in step 1 by the amount calculated in step 10.

Step 12. Deduct the amount calculated in item 11 from the amount identified in step 1.

Note: If there has been more than one payment split, steps 1 to 11 must be repeated in the order that the splits happened from earliest to latest.

Step 13. Divide the amount calculated in step 12 by the Chief Justice’s salary when the allowance became payable.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 14. Multiply the amount calculated in step 13 by the Chief Justice’s salary.

10 Reduction of spouse allowance payable after operative time

(1) For subsection 4AE(3) of the Act, the rate applicable under paragraph 4(3)(a) of the Act is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance that would have been payable had the Governor General retired on the date of his or her death, disregarding subsection 4(4) of the Act.

Step 2. Identify the annual rate of the retirement allowance that would have been payable had the Governor General retired at the operative time, disregarding subsection 4(4) of the Act.

Step 3. Identify the annual rate of the retirement allowance that would have been payable had the Governor General retired at the operative time, having regard to subsection 4(4) of the Act.

Step 4. Calculate an amount using the formula:

where:

Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, when the member spouse would have been expected to complete his or her term of office (based on the information available at the operative time).

Fy+1 is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was when the member spouse would have been expected to complete his or her term of office.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years when the member spouse is expected to complete his or her term of office.

Step 5. Multiply the amount calculated in step 3 by the amount calculated in step 4.

Step 6. Calculate an amount using the formula:

where:

n is the number of days between the operative time and the time the member spouse would have been expected to complete his or her term of office (based on the information available at the operative time), divided by 365.

Example: If a payment split occurs after 2 years of an expected 5 year term, the number of days between the operative time and time the member spouse would have been expected to complete his or her term of office is 1095 (i.e. 3 x 365). So, n is 3 (i.e. 1093 ÷ 365).

Step 7. Multiply the amount calculated in step 5 by the amount calculated in step 6.

Step 8. Divide the transfer amount by the amount calculated in step 7.

Step 9. Multiply the amount calculated in step 3 by the amount calculated in step 8.

Step 10. Divide the amount calculated in step 9 by the amount identified in step 2.

Step 11. Multiply the amount identified in step 1 by the amount calculated in step 10.

Step 12. Deduct the amount calculated in item 11 from the amount identified in step 1.

Note: If there has been more than one payment split, steps 1 to 12 must be repeated in the order that the splits happened from earliest to latest.

Step 13. Divide the amount calculated in step 12 by the Chief Justice’s salary when the Governor General died.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 14. Multiply the amount calculated in step 13 by the Chief Justice’s salary.

(2) For subsection 4AE(4) of the Act, the rate applicable under paragraph 4(3)(a) of the Act is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance that was payable when the Governor General died, disregarding subsection 4(4) of the Act.

Step 2. Divide the amount identified in step 1 by the Chief Justice’s salary when the Governor General died.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 3. Multiply the amount calculated in step 2 by the Chief Justice’s salary.

11 Operative time during growth phase—reduction of associate deferred allowance

For section 4AF of the Act, the annual rate of the associate deferred allowance (when it becomes payable) is reduced to the amount calculated as follows:

Method statement:

Step 1. Identify the transfer amount that was payable at the operative time.

Step 2A. Add the amount identified in step 1 to the increases in the transfer amount calculated in steps 2B, 2C and 2D.

Step 2B. First period

Identify the shorter of:

(a) the period between the operative time and the end of the financial year in which the operative time occurs; and

(b) the period between the operative time and when the associate deferred allowance becomes payable.

This is the first period.

Calculate the increase in the transfer amount for the first period using the formula:

where:

amount is the amount identified in step 1.

rate is the Treasury bond rate for the financial year in which the first period occurs.

time is the number of days in the first period.

Round the result to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 2C. Second period (if any)

Use this step if one or more full financial years occurs immediately after the end of the first period and before the associate deferred allowance becomes payable.

This is the second period.

Calculate the increase in the transfer amount for each full financial year of the second period using the formula:

where:

increased amount is the amount identified in step 1, added to:

(a) the increase in the transfer amount calculated in step 2B; and

(b) any increases in the transfer amount calculated under this step for earlier financial years in the second period.

rate is the Treasury bond rate for the financial year for which the calculation is being made.

Round the amount to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 2D. Final period (if any)

Use this step if:

(a) there is any period between the end of a financial year and when the associate deferred allowance becomes payable; and

(b) neither step 2B nor step 2C covers that period.

This is the final period.

Calculate the increase in the transfer amount for the final period using the formula:

where:

increased amount is the amount identified in step 1, added to:

(a) the increase in the transfer amount calculated in step 2B; and

(b) the increases in the transfer amount calculated in step 2C for each financial year in the second period.

rate is the Treasury bond rate for the financial year in which the final period occurs.

time is the number of days in the final period.

Round the result to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 3. Identify the associate deferred allowance, as calculated under subsection 4AC(1) of the Act on the date of payment, disregarding the payment split.

Step 4. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the member spouse’s gender, and age in whole years, when the allowance becomes payable.

Fy+1 is the number in Table 1 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was when the allowance first became payable.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years when the allowance becomes payable.

Step 5. Multiply the amount identified in step 3 by the amount calculated in step 4.

Step 6. Reduce the amount calculated in step 5 by the transfer amount, as increased in step 2A.

Step 7. Divide the amount calculated in step 6 by the amount calculated in step 4.

Step 8. Divide the amount calculated in step 7 by the Chief Justice’s salary when the associate deferred allowance becomes payable.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 9. Multiply the amount calculated in step 8 by the Chief Justice’s salary.

12 Reduction of standard allowance payable at operative time

(1) For subsection 4AG(2) of the Act, the rate of an associate immediate allowance is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the associate immediate allowance that was payable at the operative time.

Step 2. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the member spouse’s gender, and age in whole years, at the operative time.

Fy+1is the number in Table 1 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the operative time.

Step 3. Multiply the amount identified in step 1 by the amount calculated in step 2.

Step 4. Subtract the transfer amount from the amount calculated in step 3.

Step 5. Divide the amount calculated in step 4 by the amount calculated in step 2.

Step 6. Divide the amount calculated in step 5 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 7. Multiply the amount calculated in step 6 by the Chief Justice’s salary.

(2) For subsection 4AG(2) of the Act, the rate of an associate deferred allowance is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the associate deferred allowance that was payable at the operative time.

Step 2. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the member spouse’s gender, and age in whole years, at the operative time.

Fy+1 is the number in Table 1 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the operative time.

Step 3. Multiply the amount identified in step 1 by the amount calculated in step 2.

Step 4. Subtract the transfer amount from the amount calculated in step 3.

Step 5. Divide the amount calculated in step 4 by the amount calculated in step 2.

Step 6. Divide the amount calculated in step 5 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 7. Multiply the amount calculated in step 6 by the Chief Justice’s salary.

(3) For subsection 4AG(2) of the Act, the rate of a spouse allowance is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the spouse allowance that was payable at the operative time.

Step 2. Calculate an amount using the formula:

where:

Fy is the number in Table 1 that applies to the member spouse’s gender, and age in whole years, at the operative time.

Fy+1 is the number in Table 1 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the operative time.

Step 3. Multiply the amount identified in step 1 by the amount calculated in step 2.

Step 4. Subtract the transfer amount from the amount calculated in step 3.

Step 5. Divide the amount calculated in step 4 by the amount calculated in step 2.

Step 6. Divide the amount calculated in step 5 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 7. Multiply the amount calculated in step 6 by the Chief Justice’s salary.

(4) For paragraph 4AG(3)(b) of the Act, if section 13 does not apply, the rate is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the allowance that was payable at the operative time, disregarding subsection 4(4) of the Act.

Step 2. Identify the annual rate of the reduction in the retirement allowance at the operative time, having regard to subsection 4(4) of the Act.

Step 3. Subtract the amount identified in step 2 from the amount identified in step 1.

Step 4. Calculate an amount using the formula:

where:

Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the operative time.

Fy+1is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the operative time.

Step 5. Multiply the amount calculated in step 3 by the amount calculated in step 4.

Step 6. Divide the transfer amount by the amount calculated in step 5.

Step 7. Multiply the amount calculated in step 3 by the amount calculated in step 6.

Step 8. Subtract the amount calculated in step 7 from the amount identified in step 1.

Step 9. Divide the amount calculated in step 8 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 10. Multiply the amount calculated in step 9 multiplied by the Chief Justice’s salary.

(5) For subsection 4AG(4) of the Act, if section 13 does not apply, the rate applicable under paragraph 4(3)(a) of the Act is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance that was payable when the Governor General died, disregarding subsection 4(4) of the Act.

Step 2. Divide the amount identified in step 1 by the Chief Justice’s salary when the Governor General died.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 3. Multiply the amount calculated in step 2 by the Chief Justice’s salary.

13 Reduction of standard allowance payable at operative time if superannuation surcharge applies

(1) This section applies in relation to a Governor‑General who was first appointed between 20 August 1996 to 1 July 2005.

(2) For subsection 4AG(3) of the Act, the rate of the allowance is calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance that was payable at the operative time.

Step 2. Calculate an amount using the formula:

where:

Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the operative time.

Fy+1is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the operative time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the operative time.

Step 3. Multiply the amount calculated in step 1 by the amount calculated in step 2.

Step 4. Divide the transfer amount by the amount calculated in step 3.

Step 5. Multiply the amount identified in step 1 by the amount calculated in step 4.

Step 6. Deduct the amount calculated in step 5 from the amount identified in step 1.

Step 7. Divide the amount calculated in step 6 by the Chief Justice’s salary at the operative time.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 8. Multiply the amount calculated in step 7 by the Chief Justice’s salary.

(3) For subsection 4AG(4) of the Act, the rate applicable under paragraph 4(3)(a) of the Act is reduced to the amount calculated as follows:

Method statement

Step 1. Identify the annual rate of the retirement allowance that was payable when the Governor‑General died.

Step 2. Divide the amount identified in step 1 by the Chief Justice’s salary when the Governor‑General died.

Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 3. Multiply the amount calculated in step 2 by the Chief Justice’s salary.

Schedule 1—Methods and factors

Note: See section 5.

Part 1—Methods

Division 1.1—Interpretation

1 Definitions

(1) In this Part:

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 Act.

(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 1.2—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 5 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 1.3—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 5 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 the 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 1.4—Factors

Table 1 Scheme allowance valuation factors

Male

Female

Age

Indexed age allowance factor

Widower/Associate indexed age allowance

Indexed age allowance factor

Widow/Associate indexed age allowance

30

35.9420

33.2882

36.0464

35.2430

31

35.6176

32.9153

35.7194

34.8969

32

35.2862

32.5340

35.3857

34.5436

33

34.9473

32.1433

35.0449

34.1835

34

34.6010

31.7437

34.6970

33.8162

35

34.2471

31.3352

34.3416

33.4410

36

33.8853

30.9169

33.9789

33.0586

37

33.5158

30.4893

33.6086

32.6683

38

33.1381

30.0519

33.2307

32.2701

39

32.7523

29.6046

32.8446

31.8636

40

32.3581

29.1478

32.4510

31.4491

41

31.8994

28.6813

32.0127

31.0265

42

31.4301

28.2054

31.5648

30.5955

43

30.9499

27.7202

31.1073

30.1563

44

30.4586

27.2259

30.6402

29.7090

45

29.9564

26.7226

30.1634

29.2540

46

29.4428

26.2104

29.6767

28.7906

47

28.9178

25.6898

29.1803

28.3195

48

28.3814

25.1606

28.6742

27.8407

49

27.8335

24.6233

28.1588

27.3540

50

27.2741

24.0785

27.6338

26.8602

51

26.5676

23.5262

27.0977

26.3590

52

25.8449

22.9670

26.5521

25.8512

53

25.1057

22.4013

25.9973

25.3363

54

24.3497

21.8298

25.4338

24.8143

55

23.5773

21.2538

24.8614

24.2857

56

23.0100

20.6735

24.3248

23.7500

57

22.4333

20.0902

23.7802

23.2075

58

21.8478

19.5043

23.2285

22.6580

59

21.2550

18.9153

22.6682

22.1017

60

20.6553

18.3239

22.0992

21.5383

61

20.0494

17.7307

21.5219

20.9681

62

19.4383

17.1358

20.9364

20.3913

63

18.8222

16.5395

20.3433

19.8080

64

18.2031

15.9459

19.7430

19.2187

65

17.5819

15.3558

19.1362

18.6243

66

16.9592

14.7700

18.5233

18.0249

67

16.3356

14.1892

17.9048

17.4213

68

15.7121

13.6142

17.2814

16.8133

69

15.0907

13.0476

16.6531

16.2036

70

14.4723

12.4902

16.0201

15.5925

71

13.8504

11.9427

15.3936

14.9802

72

13.2320

11.4062

14.7642

14.3676

73

12.6175

10.8808

14.1327

13.7552

74

12.0080

10.3605

13.4985

13.1432

75

11.4045

9.8457

12.8626

12.5326

76

10.8094

9.3377

12.2370

11.9249

77

10.2254

8.8379

11.6120

11.3213

78

9.6547

8.3475

10.9883

10.7240

79

9.1002

7.8727

10.3751

10.1364

80

8.5633

7.4143

9.7744

9.5606

81

8.0448

6.9723

9.1885

8.9993

82

7.5458

6.5466

8.6171

8.4536

83

7.0669

6.1375

8.0623

7.9252

84

6.6140

5.7514

7.5275

7.4177

85

6.1881

5.3885

7.0148

6.9320

86

5.7715

5.0493

6.5219

6.4695

87

5.3849

4.7341

6.0489

6.0314

88

5.0283

4.4413

5.5956

5.6184

89

4.6985

4.1659

5.1722

5.2237

90

4.3956

3.9062

4.7802

4.8463

91

4.1201

3.6601

4.4158

4.4844

92

3.8591

3.4257

4.0854

4.1362

93

3.6098

3.2000

3.7920

3.7986

94

3.3716

2.9781

3.5123

3.4821

95

3.1418

2.7716

3.2425

3.1851

96

2.9164

2.5795

2.9776

2.9056

97

2.7000

2.4010

2.7104

2.6407

98

2.4825

2.2283

2.4304

2.3863

99

2.2571

2.0594

2.1550

2.1451

100

2.0173

1.8961

1.8786

1.9162

101

1.8378

1.7244

1.6584

1.6967

102

1.6442

1.5371

1.4486

1.4798

103

1.4140

1.3112

1.2294

1.2515

104

1.1014

1.0000

0.9497

0.9596

105

0.6077

0.4928

0.5002

0.4928

Part 2—Factors

Table 1 Factors

Age

Male

Female

30 or younger

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 older

0.4928

0.4928

Table 2 Factors

Age

Male

Female

30 or younger

35.9420

36.0464

31

35.6176

35.7194

32

35.2862

35.3857

33

34.9473

35.0449

34

34.6010

34.6970

35

34.2471

34.3416

36

33.8853

33.9789

37

33.5158

33.6086

38

33.1381

33.2307

39

32.7523

32.8446

40

32.3581

32.4510

41

31.8994

32.0127

42

31.4301

31.5648

43

30.9499

31.1073

44

30.4586

30.6402

45

29.9564

30.1634

46

29.4428

29.6767

47

28.9178

29.1803

48

28.3814

28.6742

49

27.8335

28.1588

50

27.2741

27.6338

51

26.5676

27.0977

52

25.8449

26.5521

53

25.1057

25.9973

54

24.3497

25.4338

55

23.5773

24.8614

56

23.0100

24.3248

57

22.4333

23.7802

58

21.8478

23.2285

59

21.2550

22.6682

60

20.6553

22.0992

61

20.0494

21.5219

62

19.4383

20.9364

63

18.8222

20.3433

64

18.2031

19.7430

65

17.5819

19.1362

66

16.9592

18.5233

67

16.3356

17.9048

68

15.7121

17.2814

69

15.0907

16.6531

70

14.4723

16.0201

71

13.8504

15.3936

72

13.2320

14.7642

73

12.6175

14.1327

74

12.0080

13.4985

75

11.4045

12.8626

76

10.8094

12.2370

77

10.2254

11.6120

78

9.6547

10.9883

79

9.1002

10.3751

80

8.5633

9.7744

81

8.0448

9.1885

82

7.5458

8.6171

83

7.0669

8.0623

84

6.6140

7.5275

85

6.1881

7.0148

86

5.7715

6.5219

87

5.3849

6.0489

88

5.0283

5.5956

89

4.6985

5.1722

90

4.3956

4.7802

91

4.1201

4.4158

92

3.8591

4.0854

93

3.6098

3.7920

94

3.3716

3.5123

95

3.1418

3.2425

96

2.9164

2.9776

97

2.7000

2.7104

98

2.4825

2.4304

99

2.2571

2.1550

100

2.0173

1.8786

101

1.8378

1.6584

102

1.6442

1.4486

103

1.4140

1.2294

104

1.1014

0.9497

105 and older

0.6077

0.5002