Public Sector Superannuation Reform (Parliamentary Superannuation) Regulations 2016
SCHEDULE 3 - Conversion factorSCHEDULE 3 - Conversion factors for purposes of regulation 29
Start here
Get a plain-English read of SCHEDULE 3 - Conversion factor
Turn the raw legal text into a practical explanation grounded in Public Sector Superannuation Reform (Parliamentary Superannuation) Regulations 2016.
SCHEDULE 3 - Conversion factor SCHEDULE 3 - Conversion factors for purposes of regulation 29
1. For the purposes of regulation 29 , the conversion factor for determining a lump sum payment under that regulation for each $1 converted by a person referred to in that regulation is, subject to clause 2, as follows:
| Age of person on expiration of period of 3 months referred to in regulation 29 | Conversion factor | | 65 or less | 10 | | 66 | 9·8 | | 67 | 9·6 | | 68 | 9·4 | | 69 | 9·2 | | 70 | 9 | | 71 | 8·6 | | 72 | 8·2 | | 73 | 7·8 | | 74 | 7·4 | | 75 | 7 | | 76 | 6·6 | | 77 | 6·2 | | 78 | 5·8 | | 79 | 5·4 | | 80 | 5 | | 81 | 4·6 | | 82 | 4·2 | | 83 | 3·8 | | 84 | 3·4 | | 85 | 3 | | 86 | 2·9 | | 87 | 2·8 | | 88 | 2·7 | | 89 | 2·6 | | 90 | 2·5 | | 91 | 2·4 | | 92 | 2·3 | | 93 | 2·2 | | 94 | 2·1 | | 95 | 2 | | 96 | 1·9 | | 97 | 1·8 | | 98 | 1·7 | | 99 | 1·6 | | 100 or over | 1·5 |
2. The conversion factor relating to any age is to be reduced by 1/12th of the difference between that factor and the next following factor for each complete month by which the age of the person entitled exceeds that for which a factor is given.