(paragraph 14Q(7)(c))
This Schedule sets out the method for determining the value, at the termination time, of a superannuation interest in a lifetime annuity if the interest was in the payment phase at the termination time.
(1) The method is:
where:
"B" is the amount of the annual benefit payable in respect of the superannuation interest at the termination time.
"V" y is the pension valuation factor under Schedule 4 that applies to the particular lifetime annuity and the member spouse's age in completed years at the termination time.
"m" is the number of completed months of the member spouse's age that are not included in the completed years at the termination time.
"V" y+1 is the pension valuation factor under Schedule 4 that applies to the particular lifetime annuity and the member spouse's age at the completion of the next year after the year mentioned in the definition of the factor V y .
(2) For the purpose of applying the factors V y and V y+1 in
the formula in subclause (1), a reference in Schedule 4 to
'pension' is taken to be read as a reference to 'annuity'.