Schedule 3 to the Principal Regulations is amended as follows:

(a) by inserting in clause 7(1)(a) "who is also a full benefits contributor" after "contributor" ;

(b) by omitting the formula from clause 8 and substituting the following formula:

(c) by omitting "an" from the definition of FAS(1) in clause 8 and substituting "the" ;

(d) by omitting the definition of PRS from clause 8 and substituting the following definition:

PBMF is the existing contributor's post cessation of contributions benefit multiple factor, calculated by taking the basic contribution rate applicable to the existing contributor and multiplying the benefit multiple factor prescribed for that rate of contribution under regulation 44 by the existing contributor's length of service in years (commencing on and from the date on which he or she ceased paying contributions under regulation 34(3)(e) or regulation 34(5) and ending on the date of the existing contributor's actual retirement or at the age of 70 years, whichever is the earlier).

Displayed and numbered in accordance with the Rules Publication Act 1953 .

Notified in the Gazette on 21 December 2005

These regulations are administered in the Department of Treasury and Finance.

EXPLANATORY NOTE

(This note is not part of the regulation)

These regulations amend the Retirement Benefits Regulations 2005 by –

(a) updating and clarifying certain provisions; and

(b) revising the formula used to calculate the pensions payable to existing contributors who retire after attaining 65 years of age.