(1)  For the purposes of regulation 79 , the Board must –

(a) determine pension conversion factors from time to time, on the advice of the Actuary; and

(b) publish those factors by notice in the Gazette ; and

(c) cause the factors to be reviewed by the Actuary at least once a year and at such other times as the Board determines.

(2)  Different factors may be determined depending on the age and gender of the person entitled to a benefit and whether there is a reversionary right to his or her surviving partner.

(3)  Where –

(a) an existing contributor or an amalgamated contributor is entitled to a benefit under regulation 47 , 48 , 49 , 50 or 53 ; or

(b) a person who, immediately before the commencement day, was referred to in regulation 17 of the Retirement Benefits (Transitional) Regulations 1994 ceases employment after attaining the preservation age; or

(c) a person who –

(i) was an existing contributor who has had his or her benefit entitlement calculated under regulation 37 or 37A of the Retirement Benefits Regulations 1994 ; and

(ii) has preserved his or her benefit in the Fund under regulation 43(4)(a) and (b) or regulation 43(5)(b) of those regulations –

ceases employment after attaining the preservation age; or

(d) a person who –

(i) was an existing contributor who has had his or her benefit entitlement calculated under regulation 48 or 49 of these regulations; and

(ii) has preserved his or her benefit in the Fund under regulation 54(3)(a) and (b) or regulation 54(4)(b) of these regulations –

ceases employment after attaining the preservation age –

the conversion factor with respect to an election made by that person or by his or her surviving partner, in respect of the benefit entitlement under the contributory scheme, is 12 or the factor last determined by the Board, whichever factor provides the higher pension.

(4)  Subregulation (3) does not apply to –

(a) a person who was an amalgamated contributor and who, under regulation 4 or 5 of the Retirement Benefits (Transitional) Regulations 1994 , had elected to contribute to the Fund otherwise than as an amalgamated contributor; or

(b) an existing contributor who receives a benefit under regulation 54(9) or (10) ; or

(c) a person who was an existing contributor and whose benefit has been preserved as mentioned in regulation 43(4)(a) and (b) or regulation 43(5)(b) of the Retirement Benefits Regulations 1994 and has made an election under regulation 60(4) of those regulations; or

(d) a person who was an existing contributor whose benefit is preserved as mentioned in paragraphs (a) and (b) of regulation 54(3) or regulation 54(4)(b) of these regulations and who made an election under regulation 62(5) of these regulations; or

(e) any amount to which a person became entitled under Part 9 as a result of becoming a non-member spouse within the meaning of section 90MD of the Family Law Act 1975 of the Commonwealth; or

(f) any amounts under regulation 79(1)(b) transferred from the accumulation scheme.

(5)  If, within the period specified in regulation 79(8) , an existing contributor or the surviving partner of an existing contributor elects to commute a lump sum on 2 or more occasions under regulation 79 , the conversion factor –

(a) in respect of the first election, is to be 12; and

(b) in respect of each subsequent election, is to be the appropriate pension conversion factor determined under subregulation (1)(a) .