OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART 3B - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 23PG   CALCULATION OF VALUE A OR B OF ACCRUED BENEFITS  

23PG(1)   [ Reference to part of year ]  

In this regulation, in relation to a period that exceeds a whole number of financial years, a reference to a part of a year is a reference to a part of the period that exceeds a whole financial year.

23PG(2)   [ Value of benefits payable ]  

For the purposes of regulations 23PE and 23PF , the value of the benefits payable to a member in respect of a period after 30 June 1988 is the total of the amounts in respect of each financial year, or part of a financial year, in the period that are determined by an actuary:

(a) in respect of each kind of benefit that the member is, or may be, entitled to receive from the superannuation fund; and

(b) by using the following formula:

P 1 × Net present value × P 2

where:

P ₁
is the probability, determined by the actuary, of the member being paid a benefit in each financial year, or part of a financial year; and

Net present value
is the value of each benefit to which the member may become entitled on exit from the fund, being an amount that is determined by the actuary as at 30 June 1988:

(i) in the case of the calculation of value A of accrued benefits - using the earning rate of the fund used in the actuarial investigation of the fund mentioned in subregulation 23PE(3) ; and

(ii) in the case of the calculation of value B of accrued benefits - using the earning rate of the fund referred to in paragraph 23PF(2)(d) ; and

P ₂
is a proportion that is calculated:

(i) in the case of the calculation of value A of accrued benefits - using the method applied in the actuarial investigation of the fund mentioned in subregulation 23PE(3) ; and

(ii) in the case of the calculation of value B of accrued benefits - as follows:

completed period of fund membership in relation to the member at 30 June 1988 completed period of fund membership in relation to the member at the member ' s date of exit from the fund

where a reference to " completed period of fund membership " in relation to the member at a particular time is a reference to the period from the time at which the member joined, or last joined, the fund to the particular time.