Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119zc:p5
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119ZC (pt 5/6)
Character Range: 423646–426132

of this section—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 (b) of subsection (1) of this section is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became an employee; and
 (iii) pay the balance to the Commonwealth; and
 (b) the Commonwealth shall pay to the person an amount equal to the sum of any amounts paid by him to the Commonwealth under subsection (6).
 (11) The Minister may, by instrument under his 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 to be 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 Minister under subsection (11) in respect of that scheme was, or is to be deemed to have been, in force at that time.
 (14) In the application of this section in relation to a person who is employed by an approved authority:
 (a) subsection (5) does not apply but the premiums referred to in that subsection shall be paid by that approved authority, which may apply, for the purpose of making the payments, any moneys under its control; and
 (b) a reference in any other provision of this section to the Commonwealth shall be read as a reference to that approved authority.
 (15) In this section:
salary has the same meaning as in Part III; and
the prescribed amount, in relation to a person in relation to any time, is an amount ascertained in accordance with the formula

where:
a is the amount of the annual premium, or the sum of the amounts of the annual premiums, applicable at that time under the life policy or life policies assigned by him to the Board in accordance with subsection (3) or issued in relation to him in accordance with