1

Superannuation scheme established by the State Superannuation Act 1988 (Vic)

New scheme members

Part 1

2

Superannuation scheme established by the State Superannuation Act 1988 (Vic)

Revised scheme members

Part 2

3

Victorian State Employees Retirement Benefits scheme, being a scheme within the State Superannuation Fund of Victoria with benefits and entitlements provided under the State Employees Retirement Benefits Act 1979 (Vic) payable from the State Superannuation Fund of Victoria

Particular members mentioned in Part 3 of Schedule 1

Part 3

4

Benefits provided under the Superannuation Benefits Act 1977 (Vic)

Particular members mentioned in Part 4 of Schedule 1

Part 4

5

Victorian Transport Superannuation Fund, merged into the State Superannuation Fund with benefits and entitlements provided under the Transport Superannuation Act 1988 (Vic)

Particular members mentioned in Part 5 of Schedule 1

Part 5

1

Superannuation scheme established by the State Superannuation Act 1988 (Vic)

Particular new scheme members

Part 1

2

Victorian Transport Superannuation Fund

Particular members mentioned in Part 2 of Schedule 2

Part 2

1

The component of an interest that a person who has resigned has as a new scheme member in the SS Fund, being the component consisting of the deferred benefit under paragraph 58 (1) (b) of the SS Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the deferred benefit to which he or she is entitled under paragraph 58 (1) (b) of the SS Act to a present lump sum under subsection 58 (4) of that Act, adjusted as required by the SS Act.

2

An interest, or a component of an interest, that a person who has become an exempt officer has as a new scheme member in the SS Fund, consisting of a deferred lump sum under subsection 61A (2) of the SS Act.

The amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum under subsection 61A (2) of the SS Act to a present lump sum under subsection 61A (5) of the SS Act, adjusted as required by the SS Act.

3

The component of an interest that a person, who became eligible to be a member of 1 of the schemes listed below and under subsection 69 (3) of the SS Act elected to cease to contribute, has under subsection 69 (4) or (5) of the SS Act as a new scheme member in the SS Fund, being the component consisting of a deferred lump sum that the person is entitled to receive under subsection 69 (4) or (5) of the SS Act.

Schemes

Transport Superannuation Fund

Hospitals Superannuation Fund

Local Authorities Superannuation Fund

Emergency Services Superannuation Fund

State Casual Employees Superannuation Fund

Melbourne and Metropolitan Board of Works Superannuation Fund

Gas and Fuel Corporation of Victoria Superannuation Fund

State Electricity Commission Superannuation Fund

Superannuation Schemes For Australian Universities

GIO Personal Superannuation Fund

GIO Staff Superannuation Plan

The amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to the deferred retirement benefit under subsection 69 (4) or (5) of the SS Act to a present lump sum under subsection 69 (4A) of the SS Act, adjusted as required by the SS Act.

4

The component of an interest that a person:

 (a) whose employment has been terminated under section 33 of the PSME Act or under subsection 81A (6) or (7) of the Public Sector Management Act 1992 (Vic); and

 (b) who has elected to receive a deferred retirement benefit under paragraph 69B (3) (b) of the SS Act;

has as a new scheme member in the SS Fund, being the component consisting of the deferred retirement benefit that the person has elected to receive under paragraph 69B (3) (b) of the SS Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the deferred retirement benefit under paragraph 69B (3) (b) of the SS Act to a present lump sum under subsection 61A (5) of the SS Act, adjusted as required by the SS Act.

5

The component of an interest that a person:

 (a) whose employment has been terminated under section 33 of the PSME Act or under subsection 81A (6) or (7) of the Public Sector Management Act 1992 (Vic); and

 (b) who has not elected to receive a deferred retirement benefit under paragraph 69B (3) (b) of the SS Act;

has as a new scheme member in the SS Fund, being the component consisting of a deferred lump sum to which the person is entitled under subsection 61A (2) of the SS Act.

The amount of lump sum to which the person would be entitled if he or she were to convert his or her entitlement to a deferred lump sum under subsection 61A (2) of the SS Act to a present lump sum under subsection 61A (5) of the SS Act, adjusted as required by the SS Act.

6

An interest, or a component of an interest, that a person who:

 (a) on a change of his or her employment is entitled to a deferred retirement benefit under the Portability Act; and

 (b) has not made an election under subsection 7 (7) of the Portability Act;

has as a new scheme member in the SS Fund, consisting of the deferred retirement benefit to which the person is entitled under the Portability Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert his or her deferred retirement benefit determined under section 6 of the Portability Act at the relevant date to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the SS Act or the Portability Act.

7

The component of the interest that a person who:

 (a) becoming entitled on a change to his or her employment to a deferred retirement benefit under the Portability Act;

 (b) subsequently terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death and elected a benefit under subsection 7 (7) of the Portability Act;

has as a new scheme member in the SS Fund, being the component consisting of the deferred retirement benefit to which the person is entitled under paragraph 7 (7) (b) of the Portability Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert his or her deferred retirement benefit determined under paragraph 7 (7) (b) of the Portability Act at the relevant date to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the SS Act or the Portability Act.

1

An interest that a person has as a revised scheme member in the SS Fund, other than where he or she has:

 (a) retired (including on the grounds of disability); or

 (b) resigned; or

 (c) been retrenched; or

 (d) before attaining the minimum age for retirement, ceased to be an officer after not being reappointed as a statutory officer; or

 (e) become an exempt officer within the meaning in subsection 3 (1) of the SS Act; or

 (f) following a change in his or her employment, an entitlement to a deferred retirement benefit under the Portability Act; or

 (g) elected to transfer to the new scheme under subsection 61 (1) of the SS Act or to the Transport Superannuation Fund under section 4 of the TS Act; or

 (h) has had his or her employment terminated under section 33 of the PSME Act or under subsection 81A (6) or (7) of the Public Sector Management Act 1992 (Vic).

For this item, a member shall not be taken to have been retrenched or to have resigned or retired until they have applied for the relevant benefit and satisfied the requirements of the Victorian GSO to establish their entitlement.

If the person has not attained the minimum age for retirement — the greatest lump sum that would be available for the person to transfer to another complying superannuation fund at the relevant date, on the person’s resignation or retrenchment under the SS Act, if no deduction had been made in respect of the person’s surcharge debt under subsection 71C (4) of the SS Act.

If the person has attained the minimum age for retirement — the greatest lump sum that would be available for the person to transfer to another complying superannuation fund at the relevant date, on the person’s retirement through age under the SS Act, if no deduction had been made in respect of the person’s surcharge debt under subsection 71C (4) of the SS Act.

2

The component of an interest that a person, who has resigned and elected to receive a cash benefit and a deferred pension under paragraph 46 (1) (a) of the SS Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension that the person has elected to receive under paragraph 46 (1) (a) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 46 (1) (a) of the SS Act at the relevant date, adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

3

The component of an interest that a person, who has resigned and elected to receive a cash benefit and a deferred pension under paragraph 46 (1) (b) of the SS Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension that the person has elected to receive under paragraph 46 (1) (b) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 46 (1) (b) of the SS Act at the relevant date, adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

4

The component of an interest that a person, who has resigned and elected to receive a cash benefit and a deferred pension under subsection 46 (3) of the SS Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension that the person has elected to receive under subsection 46 (3) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 46 (3) of the SS Act at the relevant date, adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

5

An interest, or a component of an interest, that a person, who has been retrenched and elected to receive a deferred pension under paragraph 44 (1) (b) of the SS Act or who is determined to be entitled to a deferred pension under subsection 44 (2) of the SS Act, has as a revised scheme member in the SS Fund, consisting of the deferred pension that the person is entitled to receive under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act at the relevant date, adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

6

An interest, or a component of an interest, that a person has as a revised scheme member in the SS Fund if the person was appointed for a term of years to a statutory office and before attaining the minimum age for retirement ceases to be an officer on not being

re-appointed to that statutory office, and has elected to receive a deferred pension under paragraph 44 (1) (b) of the SS Act or who is determined to be entitled to a deferred pension under subsection 44 (2) of the SS Act, consisting of the deferred pension that the person is entitled to receive under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

7

An interest, or a component of an interest, that a person who has become an exempt officer has as a revised scheme member in the SS Fund, consisting of the deferred pension that the person is entitled to receive under subsection 61A (1) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 61A (1) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

8

An interest, or a component of an interest, that a person, who following a change in his or her employment, is entitled to a deferred retirement benefit under subsection 5 (1) of the Portability Act and has not made an election under subsection 7 (7) of the Portability Act, has as a revised scheme member in the SS Fund, consisting of the deferred pension that the person is entitled to receive under the Portability Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension that is the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date adjusted under subsection 7 (6) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act or the Portability Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

9

The component of an interest that a person who, becoming entitled on a change to his or her employment to a deferred retirement benefit under the Portability Act, subsequently terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death and elected a benefit under subsection 7 (7) of the Portability Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension that the person is entitled to receive under the Portability Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension that is the person’s deferred retirement benefit determined under paragraph 7 (7) (b) of the Portability Act at the relevant date adjusted under subsection 7 (6) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act or the Portability Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

10

The component of an interest that a person, who:

 (a) has elected under subsection 61 (1) of the SS Act to transfer from the revised scheme into the new scheme; and

 (b) has elected under subsection 61 (2A) of the SS Act to receive a cash benefit and a reduced deferred pension;

has as a revised scheme member in the SS Fund, being the component consisting of the reduced deferred pension.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 61 (2A) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

11

An interest, or a component of an interest, that a person:

 (a) who has elected under subsection 61 (1) of the SS Act to transfer from the revised scheme into the new scheme; and

 (b) who is subsequently retrenched and under the operation of subsection 61 (9) of the SS Act is entitled to receive a deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act;

has as a revised scheme member in the SS Fund, consisting of the deferred pension or the deferred benefit to which the person is entitled under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

12

The component of an interest that a person, who has elected under subsection 61 (1) of the SS Act to transfer from the revised scheme into the new scheme but has not been subsequently retrenched and has not made an election under subsection 61 (2A) of the SS Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension to which the person is entitled under subsection 61 (2) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 61 (2) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

13

The component of an interest that a person, who:

 (a) has elected under subsection 61 (5) of the SS Act to transfer from the revised scheme into the Transport Superannuation Fund; and

 (b) has elected under paragraph 61 (5) (b) of the SS Act to receive a cash benefit and a reduced deferred pension;

had as a revised scheme member in the SS Fund, being the component consisting of the reduced deferred pension.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 61 (5) (b) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

14

An interest, or a component of an interest, that a person:

 (a) who has elected under subsection 61 (1) of the SS Act to transfer from the revised scheme into the Transport Superannuation Fund; and

 (b) who is subsequently retrenched and under the operation of subsection 61 (10) of the SS Act elects to receive a deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act;

has as a revised scheme member in the SS Fund, consisting of the deferred pension to which the person is entitled under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 44 (1) (b) or subsection 44 (2) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

15

A component of an interest that a person, who has elected under subsection 61 (5) of SS Act to transfer from the revised scheme into the Transport Superannuation Fund but has not been subsequently retrenched and has not made an election under paragraph 61 (5) (b) of the SS Act, has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension to which the person is entitled under paragraph 61 (5) (a) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under paragraph 61 (5) (a) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

16

The component of an interest that a person, who became eligible to be a member of 1 of the schemes listed below and under subsection 69 (3) of the SS Act elected to cease to be a contributor, has under subsection 69 (4) or (5) of that Act as a revised scheme member in the SS Fund, being the component consisting of the deferred pension that the person is entitled to receive under subsection 69 (4) or (5) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 69 (4) or (5) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

Schemes

Transport Superannuation Fund

Hospitals Superannuation Fund

Local Authorities Superannuation Fund

Emergency Services Superannuation Fund

State Casual Employees Superannuation Fund

Melbourne and Metropolitan Board of Works Superannuation Fund

Gas and Fuel Corporation of Victoria Superannuation Fund

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

State Electricity Commission Superannuation Fund

Superannuation Schemes For Australian Universities

GIO Personal Superannuation Fund

GIO Staff Superannuation Plan

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

17

The component of an interest that a person:

 (a) whose employment has been terminated under section 33 of the PSME Act or under subsection 81A (6) or (7) of the Public Sector Management Act 1992 (Vic); and

 (b) who has elected to receive a deferred retirement benefit under paragraph 69B (3) (b) of the SS Act;

has as a revised scheme member in the SS Fund, being the component consisting of the deferred retirement benefit that the person has elected to receive under paragraph 69B (3) (b) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred retirement benefit under paragraph 69B (3) (b) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

18

The component of an interest that a person:

 (a) whose employment has been terminated under section 33 of the PSME Act or under subsection 81A (6) or (7) of the Public Sector Management Act 1992 (Vic); and

 (b) who has not elected to receive a deferred retirement benefit under paragraph 69B (3) (b) of the SS Act;

has as a revised scheme member in the SS Fund, being the component consisting of the deferred pension to which the person is entitled under subsection 61A (1) of the SS Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the person’s deferred pension under subsection 61A (1) of the SS Act at the relevant date adjusted under subsection 47 (9) of that Act as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act.

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

1

An interest that a person has as a SERB scheme member, other than where he or she has:

 (a) retired (including on the grounds of disability); or

 (b) resigned; or

 (c) been retrenched and elected to be entitled to deferred retirement benefits under section 38 of the SERB Act; or

 (d) become an exempt officer within the meaning in subsection 2 (1) of the SERB Act; or

 (e) following a change in his or her employment, become entitled to a deferred retirement benefit under the Portability Act; or

If the person has not attained the age of 55 years — the greatest lump sum that would be available for the person to transfer to another complying superannuation fund at the relevant date, on the person’s resignation under the SERB Act, if no deduction had been made in respect of the person’s surcharge debt under subsection 74CA (4) of the SERB Act.

If the person has attained the age of 55 years — the lump sum that would be available for the person to transfer to another complying superannuation fund at the relevant date, on the person’s retirement through age under the SERB Act, if no deduction had been made in respect of the person’s surcharge debt under subsection 74CA (4) of the SERB Act.

 (f) elected to transfer to the SS Fund or to the Transport Superannuation Fund under subsection 33 (6) of the SERB Act; or

 (g) become entitled to benefits under subsection 77 (1) of the SERB Act on ceasing to be an employee of a water authority so as to become an employee of another water authority.

For this item, a member shall not be taken to have been retrenched or to have resigned or retired before they have applied for the relevant benefit and satisfied the requirements of the Victorian GSO to establish their entitlement.

For this item, any cessation of employment is to be disregarded if the member ceased to be a permanent employee but within 6 months again became an employee and made an election under subsection 21A (4) of the SERB Act.

2

The interest that a person, who became eligible to be a member of 1 of the schemes listed below and, under paragraph 22A (3) (a) of the SERB Act, elected to cease to contribute in accordance with the provisions of that Act and to be entitled to deferred retirement benefits under paragraph 22A (4) (a) of that Act, has as a SERB scheme member in the SS Fund.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

Schemes

State Superannuation Fund

Transport Superannuation Fund

Hospitals Superannuation Fund

Local Authorities Superannuation Fund

Emergency Services Superannuation Fund

DP is the annual amount of the pension that is part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

State Casual Employees Superannuation Fund

Melbourne and Metropolitan Board of Works Superannuation Fund

Gas and Fuel Corporation of Victoria Superannuation Fund

State Electricity Commission Superannuation Fund

Superannuation Schemes For Australian Universities

Zoological Board of Victoria Superannuation Fund

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’.  If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

3

The component of an interest that a person, who became eligible to be a member of 1 of the schemes listed below and who, after electing under paragraph 22A (3) (a) of the SERB Act to cease to contribute in accordance with the provisions of that Act and to be entitled to deferred retirement benefits under paragraph 22A (4) (a) of that Act terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death, has as a SERB scheme member in the SS Fund, being the component consisting of a deferred lump sum benefit and the deferred pension benefit that the person has elected to receive under paragraph 22A (4) (a) of the SS Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person’s deferred retirement benefit determined under paragraph 7 (7) (b) of the Portability Act at the relevant date to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension that is part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

Schemes

State Superannuation Fund

Transport Superannuation Fund

Hospitals Superannuation Fund

Local Authorities Superannuation Fund

Emergency Services Superannuation Fund

State Casual Employees Superannuation Fund

Melbourne and Metropolitan Board of Works Superannuation Fund

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

Gas and Fuel Corporation of Victoria Superannuation Fund

State Electricity Commission Superannuation Fund

Superannuation Schemes For Australian Universities

Zoological Board of Victoria Superannuation Fund

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

4

The component of an interest that a person who has resigned and elected under section 38 of the SERB Act to be entitled to deferred retirement benefits in accordance with the provisions of the Portability Act, has as a SERB scheme member in the SS Fund, being the component consisting of a deferred lump sum benefit and the deferred pension under the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum under section 6 of the Portability Act to a present lump sum under subsection 38 (2A) of the SERB Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under section 6 of the Portability Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

5

The component of an interest that a person who has resigned (other than a person who has elected under subsection 38 (1) of the SERB Act to be entitled to deferred retirement benefits in accordance with the provisions of the Portability Act) has as a SERB scheme member in the SS Fund, being the component consisting of the deferred benefit under paragraph 37 (1) (b) of the SERB Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum under paragraph 37 (1) (b) of the SERB Act to a present lump sum under subsection 37 (1B) of the SERB Act, adjusted as required by the SERB Act.

DP is the annual amount of the pension to which the person is entitled under subparagraph 37 (1) (b) (ii) of the SERB Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor in column 3 of the table in clause 4 of Schedule 6 to the Regulations as if the reference to ‘minimal deferral period for lump sum’ in that table is a reference to ‘time until person attains the age of 55 years’.

PVF is the applicable pension valuation factor set out in clause 4 of Schedule 4 to the Regulations at age 55 years.

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

6

An interest, or a component of an interest that a person, who has been retrenched and elected to be entitled to deferred retirement benefits under section 38 of the SERB Act, has as a SERB scheme member in the SS Fund, consisting of a deferred lump sum benefit and the deferred pension to which the person is entitled under the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum calculated under section 6 of the Portability Act to a present lump sum under subsection 38 (2A) of the SERB Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under section 6 of the Portability Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

7

The component of an interest that a person, who has been retrenched and elected to be entitled to deferred retirement benefits under section 37 of the SERB Act, has as a SERB scheme member in the SS Fund, being the component consisting of the deferred benefit under paragraph 37 (1) (b) of the SERB Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum, to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum calculated under paragraph 37 (1) (b) of the SERB Act to a present lump sum under subsection 37 (1B) of the SERB Act, adjusted as required by the SERB Act.

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under paragraph 37 (1) (b) of the SERB Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

8

An interest, or a component of an interest, that a person, who has become an exempt officer and has not made an election under subsection 7 (7) of the Portability Act, has as a SERB scheme member in the SS Fund, consisting of a deferred lump sum benefit and the deferred pension to which the person is entitled under the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum, to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum calculated under section 6 of the Portability Act to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under subsection 6 (1) of the Portability Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

9

The component of an interest that a person, who after becoming an exempt officer subsequently terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death and elected a benefit under subsection 7 (7) of the Portability Act, has as a SERB scheme member in the SS Fund, being the component consisting of the deferred retirement benefit to which the person is entitled under paragraph 7 (7) (b) of the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum, to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum calculated under paragraph 7 (7) (b) of the Portability Act to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under section 6 of the Portability Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

10

An interest, or a component of an interest that a person who, following a change in his or her employment, is entitled to a deferred retirement benefit under the Portability Act and has not made an election under subsection 7 (7) of the Portability Act, has as a SERB scheme member in the SS Fund, consisting of a deferred lump sum and the deferred pension to which the person is entitled under the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension that is part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

11

The component of an interest that a person who, becoming entitled on a change to his or her employment to a deferred retirement benefit under the Portability Act, subsequently terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death and elected a benefit under subsection 7 (7) of the Portability Act, has as a SERB scheme member in the SS Fund, being the component consisting of a deferred lump sum benefit and the deferred pension under the Portability Act.

The formula:

DLS + [DP × F × (PVF + RVF × .6667)]

where:

DLS is the amount of the lump sum to which the person would be entitled if he or she were to convert the lump sum part of the person’s deferred retirement benefit determined under paragraph 7 (7) (b) of the Portability Act at the relevant date to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the SERB Act or the Portability Act.

DP is the annual amount of the pension that is part of the person’s deferred retirement benefit determined under section 6 of the Portability Act at the relevant date for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

12

The component of an interest that a person, who prior to the introduction of the Portability Act has resigned and elected under section 38 of the SERB Act to be entitled to deferred retirement benefits in accordance with the provisions of the Superannuation Benefits Act 1977 (Vic), has as a SERB scheme member in the SS Fund, being the component consisting of the deferred pension.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under subsection 3 (1) or section 4 of the Superannuation Benefits Act 1977 (Vic) for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

13

The component of an interest that a person, who prior to the introduction of the Portability Act has been retrenched and elected to be entitled to deferred retirement benefits under section 38 of the SERB Act, has as a SERB scheme member in the SS Fund, being the component consisting of the deferred pension.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under subsection 3 (1) of the Superannuation Benefits Act 1977 (Vic) for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

14

The component of an interest that a person, who prior to the introduction of the Portability Act has been retrenched and elected to be entitled to deferred retirement benefits under section 37 of the SERB Act in the SS Fund, has as a SERB scheme member in the SS Fund, being the component consisting of the deferred pension.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension, being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under paragraph 37 (1) (b) of the SERB Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.

F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those Regulations as if the references to ‘minimal deferral period for lump sum’ in subclause 3 (3) and the table in clause 4 are references to ‘period until the person attains the age 55’. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age at relevant date (in completed years) and age 55’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age at relevant date (in completed years) and age 55’.

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

1

The component of an interest that a person, who became eligible to a deferred pension under subsection 3 (1) of the Superannuation Benefits Act 1977 (Vic), has under subsection 3 (1) or section 4 of that Act being the component consisting of the deferred pension under subsection 3 (1) or section 4 of that Act.

The formula:

DP × F × (PVF + RVF × .6667)

where:

DP is the annual amount of the pension that is the person’s deferred retirement benefit determined under subsection 3 (1) or section 4 of the Superannuation Benefits Act 1977 (Vic) at the relevant date adjusted as for a member electing to receive the deferred pension at the later of the date of attaining the minimum age for retirement and the relevant date and, adjusted as required by the SS Act or the Superannuation Benefits Act 1977 (Vic).

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

PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the Regulations and using the factors set out in clause 4 of Schedule 4 to those Regulations at the later of the age at the relevant date and minimum age for retirement as if the references in subclause 2 (2) to ‘member spouse’s age’ are references to ‘greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’ and the reference in column 1 of the table in clause 4 to ‘Age at relevant date (in completed years)’ is a reference to ‘Greater of member spouse’s age and the minimum age for retirement at relevant date (in completed years)’.

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

1

An interest, or a component of an interest, that a person who has resigned has as a Transport scheme member in the SS Fund, consisting of the deferred benefit he or she is entitled to receive under paragraph 35 (1) (b) of the TS Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the deferred benefit to which he or she is entitled under paragraph 35 (1) (b) of the TS Act to a present lump sum under subsection 35 (4A) of that Act, adjusted as required by the TS Act.

2

An interest, or a component of an interest, that a person, who has become an exempt officer, has as a Transport scheme member in the SS Fund, consisting of a deferred lump sum under subsection 34A (1) of the TS Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the deferred lump sum to which he or she is entitled under subsection 34A (1) of the TS Act to a present lump sum under subsection 34A (3) of that Act, adjusted as required by the TS Act.

3

An interest or a component of an interest, that a person, who following a change in his or her employment is entitled to a deferred retirement benefit under subsection 5 (1) of the Portability Act and has not made an election under subsection 7 (7) of the Portability Act, has as a Transport scheme member in the SS Fund, consisting of the deferred retirement benefit under the Portability Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the person’s deferred retirement benefit under section 6 of the Portability Act at the relevant date to a present lump sum under subsection 5 (2A) of the Portability Act, adjusted as required by the TS Act or the Portability Act.

4

The component of an interest that a person who, on a change in his or her employment would otherwise be entitled to a deferred retirement benefit under subsection 5 (1) of the Portability Act, terminated his or her employment prior to attaining the minimum age for retirement on a ground other than disability or death and elected a benefit under subsection 7 (7) of the Portability Act, being the component consisting of the deferred retirement benefit he or she has elected to receive under paragraph 7 (7) (b) of the Portability Act.

The amount of the lump sum to which the person would be entitled if he or she were to convert the person’s deferred retirement benefit under paragraph 7 (7) (b) of the Portability Act at the relevant date to a present lump sum under subsection 7 (7A) of the Portability Act, adjusted as required by the TS Act or the Portability Act.

1

An interest that a person who has retired on the ground of disability has as a new scheme member in the superannuation fund continued under subsection 16 (1) of the SS Act.

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

1

An interest that a person who has retired on the ground of disability has as a member of the Transport Superannuation Fund merged into the State Superannuation Fund under section 16AA of the State Superannuation Act 1988 (Vic).

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