Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The deferred benefits applicable under this Division in respect of a person who has ceased to be a contributor to the Fund or to the Provident Account shall, subject to this Division, be benefits of the same nature, and payable in the same circumstances, on the same conditions and, upon his death, to the same persons (if any), as the benefits that would have been payable to or in respect of the person under this Act if he had not ceased to be such a contributor and had not made the election by virtue of which the deferred benefits became applicable and subsection (2) of section 37, subsection (3) of section 38, subsection (2) of section 43, subsection (2) of section 43A, subsection (4) of section 45, subsection (7) of section 46, subsection (5) of section 48, subsection (2) of section 49, subsection (2) of section 51, subsection (6) of section 82, subsection (4) of section 83, subsection (3) of section 83A, subsection (2) of section 84 and subsection (2) of section 85 had not been enacted.
(2) Deferred benefits applicable in respect of a person are payable:
(a) in the case of a person who was a contributor to the Fund--out of the Fund; and
(b) in the case of a person who was a contributor to the Provident Account--out of the Provident Account or, where the benefits are payable on or after 1 July 1976--out of the Consolidated Revenue Fund, which is appropriated accordingly.
(3) Subject to subsections (5) and (6), the amount of any pension or lump sum constituting or forming part of any deferred benefits shall be as determined by the Board.
(4) In furnishing advice to the Board in relation to the determination of the amount of a pension or lump sum constituting or forming part of any deferred benefits applicable in respect of a person, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:
(a) the matters that he would be required to take into account by virtue of subsection (2) of section 119 if he were furnishing advice to the Board in relation to a determination of the value of the rights of the person under this Act as at the time immediately before he ceased to be a contributor to the Fund or to the Provident Account;
(b) the circumstances in which, and the conditions on which, the pension or lump sum would be payable;
(c) the circumstances in which the deferred benefits would cease to be applicable in respect of the person and the amount of any benefit that would be payable to or in respect of the person in the event of the occurrence of those circumstances;
(d) the respective rates of mortality and invalidity that are assumed, for the purposes of the advice, to apply in relation to the person; and
(e) the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund.
(5) Where a deferred benefit by way of a pension that is applicable in respect of a person who has made an election under section 24 becomes payable not earlier than one month after the person attains the age of sixty years, so much of the pension as is attributable to units of pension the contributions for which were at a rate based on a maximum age for retirement of sixty years shall be increased by the amount by which it would have been increased under section 44 if the pension had been payable under the provisions of this Act other than this Part.
(6) Where, by reason of the giving of a notice by a person under paragraph (c) of subsection (2) of section 119W, a deferred benefit by way of a pension becomes payable to the person after he attains the age of sixty years but before he attains the age of sixty - five years:
(a) if the person is not a person to whom such a pension had previously been paid by reason of the Board having been satisfied that he had ceased to engage in employment by reason of invalidity or of physical or mental incapacity to perform the duties of his employment and is a person who had, before the deferred benefit became payable, elected to receive, in lieu of the pension that would otherwise constitute the benefit, a refund of his contributions--the benefit shall consist of such a refund; or
(b) in any other case:
(i) subject to subparagraph (ii), the amount of the pension, to the extent (if any) to which it is attributable to units of pension the contributions for which were at a rate based upon a maximum age for retirement of sixty - five years and to non - contributory units of pension, shall be reduced by such amount as the Board determines; or
(ii) he may contribute to the Fund (or, on or after 1 July 1976, to the Commonwealth) in a lump sum, or in such smaller sums and at such times as the Board approves, such amount as the Board considers necessary to enable payment to him, in respect of so much of the pension as is attributable to units of pension contributions for which were at a rate based upon a maximum age for retirement of sixty - five years and to non - contributory units of pension, of the pension that would have been paid to him if he had attained such later age (not exceeding the age of sixty - five years) as the Board approves.
(7) Amounts equal to amounts contributed, before 1 July 1976, under subparagraph (ii) of paragraph (b) of subsection (6) in respect of so much of a pension as is attributable to non - contributory units of pension are payable to the Commonwealth out of the Fund.
(8) Where a deferred benefit becomes applicable in accordance with this Division in respect of a person who has ceased to be a contributor to the Fund and to whom section 35A of this Act applied, and:
(a) at the time when he ceased to be a contributor to the Fund he had not ceased to be a member as defined by subsection (1) of section 4 of the Defence Forces Retirement Benefits Act 1948 - 1971 or had not ceased to be an eligible member of the Defence Force as defined by section 3 of the Defence Force Retirement and Death Benefits Act 1973 ; or
(b) at the time when the deferred benefit becomes applicable, a deferred benefit also becomes applicable in respect of him under whichever of those Acts is applicable;
then, any period during which his liability to make contributions to the Fund was deferred under section 35A of this Act shall be disregarded in determining the amount of the first - mentioned deferred benefit and he is not required or permitted to pay the amount of the deferred contributions to the Fund.