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PARLIAMENTARY RETIRING ALLOWANCES.

No. 30 of 1955.

An Act to amend the Parliamentary Retiring Allowances Act 1948–1952.

[Assented to 15th June, 1955.]

BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.
1.—(1.) This Act may be cited as the Parliamentary Retiring Allowances Act 1955.
(2.) The Parliamentary Retiring Allowances Act 1948–1952 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Parliamentary Retiring Allowances Act 1948–1955.

Commencement.
2. This Act shall come into operation on the sixteenth day of June, One thousand nine hundred and fifty-five.

Periodical actuarial investigations.
3. Section twelve of the Principal Act is amended by omitting sub-sections (4.) and (5.) and inserting in their stead the following sub-sections:—
"(4.) In the report on the second investigation made by the Commonwealth Actuary under this section, the Commonwealth Actuary shall certify the amount, if any, which, in his opinion, should be paid into the Fund by the Commonwealth in order to make proper provision for the payment out of the Fund of benefits payable under this Act in relation to periods of service before the commencement of the Parliamentary Retiring Allowances Act 1955.
"(5.) The Commonwealth shall pay to the Fund such amount, if any, as is determined by resolution of each House after consideration of the report referred to in the last preceding sub-section.".

Contributions by members.
4. Section thirteen of the Principal Act is amended by omitting from sub-section (1.) the words "One hundred and fifty-six pounds" and inserting in their stead the words "Two hundred and thirty-four pounds ".

5. Section fourteen of the Principal Act is repealed and the following section inserted in its stead:—

Contributions by Commonwealth.
   "14. The Commonwealth shall pay into the Fund—
       (a) in respect of a pension under section eighteen of this Act at a rate not exceeding Twelve pounds per week or a pension under section nineteen of this Act—an amount per week equal to sixty per centum, of the rate of the pension per week;
       (b) in respect of a pension under section eighteen of this Act at a rate exceeding Twelve pounds per week—an amount per week equal to the aggregate of Seven pounds four shillings and the amount by which the rate of the pension per week exceeds Twelve pounds;
       (c) in respect of a pension under section nineteen a of this Act— an amount equal to each amount of pension paid; and
       (d) an amount equal to the Commonwealth supplement payable to a person.".

Benefits to members.
6. Section eighteen of the