Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_177:p2
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 177 (pt 2/3)
Character Range: 724644–727217

amounts to be allocated will be allocated among the persons concerned on a fair and reasonable basis.
 (4) As soon as practicable after the allocations in respect of existing contributors have been made under subsection (3), the Commissioner shall cause notice to be given to each existing contributor of the respective amounts that have been allocated to him or her under paragraphs (a), (b) and (c) of that subsection.
 (5) An existing contributor may, not later than the election date, or, if he or she ceases to be an eligible employee before the election date, not later than the date on which he or she so ceases, elect, by notice in writing to the Commissioner, that an amount specified in the election, being an amount not exceeding the amount allocated to him or her under paragraph (3)(c), be paid to him or her.
 (6) Where an existing contributor makes an election under subsection (5), then, subject to subsection (7), there shall be paid out of the new Fund to him or her an amount equal to the amount specified in the election.
 (7) Where an existing contributor who is entitled to an amount under subsection (6) has died before the payment of the amount, an amount equal to, or amounts aggregating, the amount to which he or she is so entitled shall be paid out of the new Fund to such person (if any), or to such persons (if any), as the Commissioner determines.
 (8) Sections 118, 119, 156 and 166 apply in relation to any moneys payable under this section as if those moneys were a benefit payable under this Act.
 (9) An amount equal to the amount allocated to an existing contributor under paragraph (3)(a) shall be deemed to be an amount of basic contributions paid by him or her under this Act on the commencing day.
 (10) Where an existing contributor does not make an election under subsection (5), an amount equal to the amount allocated to him or her under paragraph (3)(b) shall be deemed to be an amount of supplementary contributions paid by him or her under this Act on the commencing day.
 (11) Where an existing contributor makes an election under subsection (5) and specifies in the election an amount less than the amount allocated to him or her under paragraph (3)(c), an amount ascertained for the purposes of this subsection in accordance with subsection (12) shall be deemed to be an amount of supplementary contributions paid by him or her under this Act on the commencing day.
 (12) The amount to be ascertained for the purposes of subsection (11) in accordance with this subsection in respect of an existing contributor is an amount