65Information about certain defined benefit interests—meaning of accrued benefit multiple

65 Information about certain defined benefit interests—meaning of accrued benefit multiple

(1) For paragraph 64(4)(b), the accrued benefit multiple for a lump sum, or pension, payable in respect of a superannuation interest of a member in an eligible superannuation plan is the accrued benefit multiple that applies under this regulation. (2) If an accrued benefit multiple is defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held, the accrued benefit multiple is the multiple as defined. (3) If an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held, but a multiple is, under the governing rules of the plan, used to define the benefit payable to the member at the appropriate date, the accrued benefit multiple is that multiple. (4) If: (a) an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and (b) the benefit in respect of the interest is payable as a lump sum; and (c) subregulation (3) does not apply in respect of the interest; the accrued benefit multiple is: Start formula start fraction LSM times T subscript 1 over T subscript 2 end fraction end formula where:

LSM is the multiple that will be applied to the member’s salary figure at the member’s earliest retirement date to calculate the lump sum retirement benefit that will be payable to the member at that date.

T1 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the appropriate date.

T2 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the member’s earliest retirement date.

(5) If: (a) an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and (b) the benefit in respect of the interest is payable as a pension; and (c) subregulation (3) does not apply in respect of the interest; the accrued benefit multiple is: Start formula start fraction PM times T subscript 1 over T subscript 2 end fraction end formula where:

PM is the multiple that will be applied to the member’s salary figure at the member’s earliest retirement date to calculate the pension benefit that will be payable to the member at that date.

T1 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the appropriate date.