OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)
View history note
Hide history noteIn 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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
