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
