Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where:
(a) a person who becomes a member on or after 8 June 1973 was, at any time before becoming a member, a participant in:
(i) a superannuation scheme conducted in accordance with the system established in the United Kingdom of Great Britain and Northern Ireland and known as the Federated Superannuation System for Universities; or
(ii) a superannuation scheme that was, or is deemed to have been, an approved superannuation scheme for the purposes of this section at the time when the person became a member;
(b) by virtue of subsection 4A(3), a transfer value is deemed for the purposes of this Act to have become payable in respect of the person on or after 8 June 1973 under that superannuation scheme because the person was the owner of a life policy or policies of a kind referred to in that subsection, or because the person was entitled to have the rights of the owner of such a policy or policies assigned to him or her; and
(c) the person has elected in accordance with paragraph 22Q(1)(b) to pay to the Commonwealth an amount equal to the amount of that transfer value;
the following provisions of this section have effect.
(2) The person may, within the period within which he or she was entitled to make an election under paragraph 22Q(1)(b), elect that this subsection shall have effect in relation to him or her and, where an election is so made, section 22Q has effect as if the amount referred to in paragraph 22Q(1)(c), or, if part only of that amount relates to the transfer value referred to in subsection (1) of this section, that part of that amount, had been paid to the Commonwealth in accordance with that paragraph.
(3) An election under subsection (2) does not have effect unless the person causes to be assigned to the Commonwealth within the period referred to in that subsection, the life policy or life policies referred to in paragraph (1)(b) free from any mortgages, charges or other encumbrances.
(4) If:
(a) the amount per annum of the parliamentary allowance payable to the person upon his or her becoming a member was greater than the annual remuneration that was payable to him or her in respect of the last employment in which he or she was employed and to which a superannuation scheme referred to in subsection (1) related; or
(b) after the person became a member his or her parliamentary allowance is increased;
the Trust, on behalf of the Commonwealth, shall, so far as is practicable, arrange for the amount or amounts of any life policy or life policies assigned to the Commonwealth by the person to be increased by the amount or amounts by which the life policy or life policies would have been increased under that scheme, or for the issue of such additional life policy or life policies in relation to the person as would have been issued under that scheme, if he or she had remained a participant in the scheme and had been in receipt of an annual remuneration equal to the amount per annum of that parliamentary allowance or that increased parliamentary allowance, as the case may be.
(5) So much of any premium payable in respect of any life policy assigned to the Commonwealth in accordance with subsection (3) or issued in accordance with subsection (4) as relates to a period during which the person is a member shall be paid by the Commonwealth.
(6) Where the person ceases to be a member and is not entitled to a retiring allowance and, within 3 months after so ceasing, becomes employed in employment in respect of which a superannuation scheme referred to in paragraph (1)(a) is applicable and becomes a participant in that scheme, he or she may elect within that period that this subsection shall have effect in relation to him or her and, if he or she so elects:
(a) any benefit that, but for this subsection, would be payable to him or her is not payable;
(b) the Commonwealth shall assign to the person administering that superannuation scheme the life policy or life policies assigned by the first - mentioned person to the Commonwealth in accordance with subsection (3) or issued in relation to him or her in accordance with subsection (4); and
(c) the Commonwealth shall pay to the first - mentioned person the amount by which the amount of the benefit that, but for this section, would be payable to him or her exceeds the sum of the amounts of the annual premiums paid by the Commonwealth under the life policy or life policies assigned by him or her to the Commonwealth in accordance with subsection (3) or issued in relation to him or her in accordance with subsection (4).
(7) Where the person is entitled to make an election under subsection (6) but does not make the election:
(a) the Commonwealth shall surrender the life policy or life policies assigned by him or her to the Commonwealth in accordance with subsection (3) or issued in relation to him or her in accordance with subsection (4); and
(b) the Commonwealth is entitled to the proceeds of the surrender but, in the case of a policy or policies assigned by the person to the Commonwealth in accordance with subsection (3), shall pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (1)(b) is deemed for the purposes of this Act to have become payable in respect of him or her and ended on the date on which he or she became a member.
(8) If the life policy or life policies assigned by the person to the Commonwealth in accordance with subsection (3) becomes or become payable at or before the time when he or she ceases to be a member, the Commonwealth shall pay to the person, or, if he or she is dead, to his or her legal personal representative, an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (1)(b) is deemed for the purposes of this Act to have become payable in respect of him or her and ended on the date on which he or she became a member.
(9) Where:
(a) the person has attained the age of 50 years and would, if he or she ceased to be entitled to a parliamentary allowance, be entitled to a pension; or
(b) the person ceases to be a member and subsections (6), (7) and (8) do not apply in relation to him or her;
then, if the election made by him or her under subsection (2) has not been revoked in accordance with subsection (10), paragraphs (7)(a) and (b) have effect in relation to him or her.
(10) A person who has made an election under subsection (2) may, if:
(a) he or she has not ceased to be a member; and
(b) the life policy or life policies assigned by him or her to the Commonwealth in accordance with subsection (3) or issued in relation to him or her in accordance with subsection (4) has not or have not become payable;
by notice in writing to the Trust revoke the election and, in that case, paragraphs (7)(a) and (b) have effect in relation to him or her.
(11) The Finance Minister may, by instrument under his or her hand published in the Gazette , declare a superannuation scheme, being a scheme under which benefits are provided for by means of life policies, to be an approved superannuation scheme for the purposes of this section.
(12) A declaration under subsection (11) shall come into force on the day on which the instrument of declaration is published in the Gazette or, if an earlier day (not being earlier than 1 January 1970) is specified in the instrument as the day on which the declaration is deemed to have come into force, shall be deemed to have come into force on that earlier day.
(13) A superannuation scheme shall be taken, for the purposes of this section, to have been an approved superannuation scheme at a particular time if a declaration by the Finance Minister under subsection (11) in respect of that scheme was, or is deemed to have been, in force at that time.