Instrument 1998 No.9
Instrument 1998 No.9
Instrument 1998 No.9
I, BRUCE SCOTT, Minister for Veterans’ Affairs, make this
determination under subsection 52B(3) of the Veterans’
Entitlements Act 1986 .
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This Determination sets how a veteran’s defined‑benefit superannuation pension is valued for veterans’ pension income and asset tests, converting an ongoing payment into a lump‑sum equivalent. It affects veterans with lifetime pensions from military or government funds, ensuring a consistent valuation for means testing.
Valuation uses a table keyed to the veteran’s age and the pension’s indexation approach (automatic or trustee‑discretionary). Very high indexation triggers actuarial advice, and ministerial decisions on such cases can be reviewed by the AAT.
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Direct links to the current provisions in Veterans' Entitlements (Pension Valuation Factor) Determination 1998.
I, BRUCE SCOTT, Minister for Veterans’ Affairs, make this
determination under subsection 52B(3) of the Veterans’
Entitlements Act 1986 .
Bruce Scott
Part 1 Introductory
1 Name of determination
This determination is the Veterans' Entitlements
(Pension Valuation Factor) Determination 1998.
2 Commencement
This determination commences on 20 September 1998.
3 Definitions
In this determination:
Act means the Veterans' Entitlements Act 1986.
relevant year means the 12 month period for which the value
of a person's income stream is being worked out for section 52B
of the Act.
Note The following terms used in this determination
are defined in the Act:
4 Purpose of determination
(1) This determination sets out the pension valuation factor that applies
to a person for a relevant year for section 52B of the Act.
(2) The pension valuation factor is worked out in different ways, depending on whether the person's defined benefit income stream is
indexed by a discretionary determination by trustees of the defined
benefit income stream fund or in a non-discretionary way in
accordance with governing rules of the fund paying the person's
income stream.
(3) This determination also sets out a way of treating different non-
discretionary ways of indexing a person's defined benefit income
stream so as to treat similar real levels of indexing in the same way
regardless of the way the indexing is done.
Part 2 Pension valuation factor and
index factor
5 Pension valuation factor — indexation of income stream
by not more than 8%
If the indexation factor for a person's defined benefit income stream for
a relevant year, as worked out in accordance with section 6 or 7, is not
more than 8%, the pension valuation factor that applies to the person
for that year is the pension valuation factor mentioned in the Schedule
for:
(a) the age of the person on the person's next birthday following the beginning of the relevant year; and
(b) the indexation factor for the person's income stream.
6 Indexation factor — non-discretionary indexation of income
stream
(1) For section 5, if, under the governing rules of the fund paying a person's defined benefit income stream, the income stream is indexed in a non-discretionary way, the indexation factor for the income stream is worked out in accordance with this section.
(2) If the income stream is indexed by reference to movements in salary, the indexation factor is taken to be a rate of at least 7% but less than 8%.
(3) If the income stream is indexed by reference to movements in a price index published by the Australian Statistician, the indexation factor is taken to be a rate of at least 6% but less than 7%.
(4) If the income stream is indexed in accordance with a rate set by the governing rules, the indexation factor is taken to be the range of rates set out in the Schedule that includes that rate.
(5) For this section, an income stream is indexed in a non-discretionary way if it is indexed otherwise than as described in subsection 7(1).
7 Indexation factor — discretionary indexation of
income stream
(1) For section 5, if, under the governing rules of the fund paying a
person’s defined benefit income stream, the income stream is indexed
by discretionary determination of trustees of the fund, the indexation
factor for the income stream is worked out in accordance with this
section.
(2) Unless subsection (4) applies, the indexation factor is the average of the
indexation factors determined for the person’s income stream for the 5
years immediately preceding the relevant year.
(3) The average of the indexation factors is the sum of the indexation
factors determined for the person’s income stream, or for a class of
income streams that includes the person’s income stream, for the 5
years, divided by 5.
(4) If the fund has been in existence, or making income stream payments to
the person, for less than 5 years, the indexation factor is taken to be a
rate of at least 6% but less than 7%.
8 Pension valuation factor — indexation of income stream
by more than 8%
(1) If the indexation factor for a person's defined benefit income stream
for a relevant year, as worked out in accordance with section 6 or 7,
is more than 8%, the pension valuation factor that applies to the
person for that year is determined in accordance with this section.
(2) The Minister must seek advice from the Australian Government Actuary of the appropriate pension valuation factor for the person for
the relevant year.
(3) The Minister must determine the appropriate pension valuation factor
that applies to the person for the relevant year, having regard to the
advice given by the Australian Government Actuary.
(4) Application may be made to the Administrative Appeals Tribunal for
review of a determination under subsection (3).
Note For telling a person affected by a determination of the right of review, see section 27A of the Administrative Appeals Tribunal Act 1975 and the Code of Practice made under section 27B of that Act.
Schedule Pension valuation factors
(section 5)
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tbody><tr><td style="width:37.15pt; border-top:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:3pt; margin-bottom:3pt; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold"></span></p></td><td colspan="9" style="width:357.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:3pt; margin-bottom:3pt; text-align:center; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold">Indexation factor for person’s income stream</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">Age of person on next birthday</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><br><br><br><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">8%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 7% but less than 8%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 6% but less than 7%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 5% but less than 6%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 4% but less than 5%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 3% but less than 4%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 2% but less than 3%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 1% but less than 2%</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><br><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">Less than 1%</span></p></td></tr><tr><td style="width:37.15pt; border-top:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:left; line-height:normal; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold"></span></p></td><td colspan="9" style="width:357.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; line-height:normal; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold">Pension valuation factor</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">20 or less</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">34</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">27</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">22</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">19</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">21 to 25</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">32</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">26</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">22</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">26 to 30</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">30</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">25</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">21</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">31 to 35</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">28</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">23</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">20</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">17</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">15</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">13</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">36 to 40</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">26</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">22</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">19</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">13</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">41 to 45</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">23</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">20</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">17</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">15</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">46 to 50</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">20</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">13</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">51 to 55</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">13</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">56 to 60</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">15</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">61 to 65</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">66 to 70</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">9</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">71 to 75</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">8</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">7</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">76 to 80</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">6</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">5</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">81 to 85</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">4</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">86 to 90</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">3</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">91 to 95</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">96 to 100</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">2</span></p></td></tr><tr><td style="width:37.15pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">101+</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.55pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.6pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.55pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.6pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.55pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.6pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:32.55pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td><td style="width:25.35pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">1</span></p></td></tr></tbody></table>
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
I, BRUCE SCOTT, Minister for Veterans’ Affairs, make this
determination under subsection 52B(3) of the Veterans’
Entitlements Act 1986 .
Bruce Scott
Part 1 Introductory
1 Name of determination
This determination is the Veterans' Entitlements
(Pension Valuation Factor) Determination 1998.
2 Commencement
This determination commences on 20 September 1998.
3 Definitions
In this determination:
Act means the Veterans' Entitlements Act 1986.
relevant year means the 12 month period for which the value
of a person's income stream is being worked out for section 52B
of the Act.
Note The following terms used in this determination
are defined in the Act:
4 Purpose of determination
(1) This determination sets out the pension valuation factor that applies
to a person for a relevant year for section 52B of the Act.
(2) The pension valuation factor is worked out in different ways, depending on whether the person's defined benefit income stream is
indexed by a discretionary determination by trustees of the defined
benefit income stream fund or in a non-discretionary way in
accordance with governing rules of the fund paying the person's
income stream.
(3) This determination also sets out a way of treating different non-
discretionary ways of indexing a person's defined benefit income
stream so as to treat similar real levels of indexing in the same way
regardless of the way the indexing is done.
Part 2 Pension valuation factor and
index factor
5 Pension valuation factor — indexation of income stream
by not more than 8%
If the indexation factor for a person's defined benefit income stream for a relevant year, as worked out in accordance with section 6 or 7, is not
more than 8%, the pension valuation factor that applies to the person
for that year is the pension valuation factor mentioned in the Schedule
for:
(a) the age of the person on the person's next birthday following the beginning of the relevant year; and
(b) the indexation factor for the person's income stream.
6 Indexation factor — non-discretionary indexation of income
stream
(1) For section 5, if, under the governing rules of the fund paying a person's defined benefit income stream, the income stream is indexed in a non-discretionary way, the indexation factor for the income stream is worked out in accordance with this section.
(2) If the income stream is indexed by reference to movements in salary, the indexation factor is taken to be a rate of at least 7% but less than 8%.
(3) If the income stream is indexed by reference to movements in a price index published by the Australian Statistician, the indexation factor is taken to be a rate of at least 6% but less than 7%.
(4) If the income stream is indexed in accordance with a rate set by the governing rules, the indexation factor is taken to be the range of rates set out in the Schedule that includes that rate.
(5) For this section, an income stream is indexed in a non-discretionary way if it is indexed otherwise than as described in subsection 7(1).
7 Indexation factor — discretionary indexation of
income stream
(1) For section 5, if, under the governing rules of the fund paying a
person’s defined benefit income stream, the income stream is indexed
by discretionary determination of trustees of the fund, the indexation
factor for the income stream is worked out in accordance with this
section.
(2) Unless subsection (4) applies, the indexation factor is the average of the
indexation factors determined for the person’s income stream for the 5
years immediately preceding the relevant year.
(3) The average of the indexation factors is the sum of the indexation
factors determined for the person’s income stream, or for a class of
income streams that includes the person’s income stream, for the 5
years, divided by 5.
(4) If the fund has been in existence, or making income stream payments to
the person, for less than 5 years, the indexation factor is taken to be a
rate of at least 6% but less than 7%.
8 Pension valuation factor — indexation of income stream
by more than 8%
(1) If the indexation factor for a person's defined benefit income stream
for a relevant year, as worked out in accordance with section 6 or 7,
is more than 8%, the pension valuation factor that applies to the
person for that year is determined in accordance with this section.
(2) The Minister must seek advice from the Australian Government Actuary of the appropriate pension valuation factor for the person for
the relevant year.
(3) The Minister must determine the appropriate pension valuation factor
that applies to the person for the relevant year, having regard to the
advice given by the Australian Government Actuary.
(4) Application may be made to the Administrative Appeals Tribunal for
review of a determination under subsection (3).
Note For telling a person affected by a determination of the right of review, see section 27A of the Administrative Appeals Tribunal Act 1975 and the Code of Practice made under section 27B of that Act.
Schedule Pension valuation factors
(section 5)
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tbody><tr><td style="width:37.15pt; border-top:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:3pt; margin-bottom:3pt; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold"></span></p></td><td colspan="9" style="width:357.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:3pt; margin-bottom:3pt; text-align:center; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold">Indexation factor for person’s income stream</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">Age of person on next birthday</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><br><br><br><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">8%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 7% but less than 8%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 6% but less than 7%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 5% but less than 6%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 4% but less than 5%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 3% but less than 4%</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 2% but less than 3%</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">At least 1% but less than 2%</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:1.7pt; text-indent:0pt; text-align:left"><br><span style="font-family:Helvetica, sans-serif; font-size:8pt; font-weight:bold">Less than 1%</span></p></td></tr><tr><td style="width:37.15pt; border-top:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:left; line-height:normal; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold"></span></p></td><td colspan="9" style="width:357.75pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; margin-bottom:3pt; text-indent:0pt; text-align:center; line-height:normal; font-size:8pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold">Pension valuation factor</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">20 or less</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">34</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">27</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">22</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">19</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">21 to 25</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">32</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">26</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">22</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">10</span></p></td></tr><tr><td style="width:37.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:left"><span style="font-size:9pt">26 to 30</span></p></td><td style="width:18.1pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">30</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">25</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">21</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">18</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">16</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">14</span></p></td><td style="width:32.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">12</span></p></td><td style="width:32.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="P1" style="margin-left:0pt; text-indent:0pt; text-align:center"><span style="font-size:9pt">11</span></p></td><td style="width:25.35pt;
This is an opening excerpt, not the complete document.