Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If the Trust is satisfied that a deferring member qualifies on a ground prescribed by the regulations, the Trust may make a written determination that:
(a) authorises payment to the deferring member of an amount specified in the determination; and
(b) specifies the manner in which the deferring member's retiring allowance is to be reduced on account of the payment.
(2) The determination cannot be revoked or varied after the payment referred to in paragraph (1)(a) is made.
(3) In specifying the manner in which the deferring member's retiring allowance is to be reduced, the Trust must have regard to advice from an actuary. The reduction may be more than the amount of the payment.
(4) The deferring member's retiring allowance is reduced in accordance with the determination.
(5) The regulations may prescribe:
(a) the grounds for payments under this section; and
(b) the matters that the Trust must take into account when determining the amount of a payment under this section.
(6) Before the Governor - General makes a regulation prescribing grounds for the purposes of paragraph (5)(a), the Minister must be satisfied that those grounds are the same as, or substantially similar to, the conditions of release that are referred to in the SIS regulations as "severe financial hardship" and "compassionate ground".
(7) Before the Governor - General makes a regulation prescribing matters for the purposes of paragraph (5)(b), the Minister must be satisfied that those matters are the same as, or substantially similar to, matters that are prescribed by the SIS regulations in relation to the conditions of release referred to in subsection (6).