Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Act, where a contributor to the Provident Account retires or is retired on or after having attained the age of sixty years or where his services are terminated:
(a) on the ground of invalidity; or
(b) owing to retrenchment;
there shall be paid to him a sum equal to three times the aggregate of:
(c) the contributions paid by him to the Provident Account; and
(d) compound interest on those contributions at the prescribed rate.
(2) Where the sum payable under subsection (1) is less than one - half of the salary payable to a contributor to the Provident Account at the date of his retirement, the sum payable to the contributor to the Provident Account shall be a sum equal to one - half of the salary payable to him at that date.
(4) Subsection (2) does not apply in relation to a person who has become or becomes a contributor to the Provident Account after the commencement of the Superannuation Act 1946 and retires or is retired on or after reaching the age of sixty years.
(5) Where a contributor to the Provident Account has been paid a sum under subsection (2) and he again becomes a contributor to the Provident Account, that subsection shall not apply to any subsequent payment to which he becomes entitled under this section.
(6) This section does not apply to a contributor to the Provident Account who retires or is retired, or whose services are terminated, on or after 1 July 1976.