Document ID: chunk:federal_register_of_legislation:C1965A00035:body:0:p3
Version: federal_register_of_legislation:C1965A00035
Segment Type: other
Provision Reference: 
Character Range: 4899–7560

the Principal Act is amended by omitting sub-section (3.) and inserting in its stead the following sub-section:—
"(3.) Where the period of service of the person is less than eight years, but he has, on each of at least three occasions (including occasions before the commencement of this section), been either a Minister, or the Leader of the Opposition in the House of Representatives, at the time of the dissolution or expiration of the House of which he was then a member, the last preceding sub-section applies as if his period of service were eight years.".
10. After section 24 of the Principal Act the following sections are inserted:—

Accrual of pensions and contributions.
"24a. Pensions and contributions under this Act grow due from day to day.

Payment of pensions.
"24b.—(1.) Pensions under this Act are payable fortnightly.
"(2.) In the case of a pension at an annual rate, the amount payable in respect of a day shall be ascertained by dividing the annual amount of the pension by three hundred and sixty-five and in the case of a pension payable at a weekly rate, the amount payable in respect of a day shall be ascertained by dividing the weekly amount by seven.

Revocation of elections or the exercise of options.
"24c. An election, or the exercise of an option, under this Act may be revoked, as prescribed, at any time before a payment has been made in accordance with the election or the exercise of the option.".

Contributions by the Commonwealth.
11. Section 7 of the Parliamentary Retiring Allowances Act 1964 is amended by adding at the end thereof the following sub-section:—
"(2.) The application of the amendment made by the last preceding sub-section extends to amounts of pension paid before the date of commencement of this section to or in relation to a person who ceased to be entitled to a parliamentary allowance (by death or otherwise) before that date but on or after the first day of March, One thousand nine hundred and fifty-nine.".

Amount payable to certain pensioners.
12. Section 18 of the Parliamentary Retiring Allowances Act 1964 is amended—
       (a) by omitting from sub-section (3.) the words "to be attributable to the contributions made in relation to the pensions referred to in sub-section (1.) of this section" and inserting in their stead the words "to be equitable having regard to the reserves set up in the Fund at that date in relation to the pensions referred to in sub-section (1.) of this section and to all the reserves set up in the Fund at that date"; and
       (b) by omitting sub-section (4.) and inserting in its stead the following sub-section:—
       "(4.) In making a recommendation