Document ID: chunk:federal_register_of_legislation:C2024C00651:section:18b:p4
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 18B (pt 4/5)
Character Range: 93094–95690

become a member again, the lump sum payment that would have been payable to him or her in accordance with subsection (3) but for the deferment shall be paid to him or her, but, in determining the amount by which the amount of the lump sum payment referred to in subsection (4) is to be reduced in accordance with paragraph (6)(c), payments of retiring allowance made to him or her after the election was made shall be treated as having been made to him or her before the election was made.
 (14) Where, during the period of deferment of the operation of an election made under subsection (3) by a person, the person dies, the lump sum payment that would have been payable to him or her in accordance with subsection (3) but for the deferment shall be paid to his or her personal representative, but, in determining the amount by which the amount of the lump sum payment referred to in subsection (4) is to be reduced in accordance with paragraph (6)(c), payments of retiring allowance made to the person after the election was made shall be treated as having been made to him or her before the election was made.
 (15) If:
 (a) a person makes an election under subsection 18A(1) on a particular day (the election day) in relation to his or her retiring allowance; and
 (b) the person has already made an election under subsection (3) of this section in relation to the retiring allowance; and
 (c) the person has not made an earlier election under subsection 18A(1) in relation to his or her retiring allowance;
there is taken to have arisen at the start of the election day a notional adjustment debit of the person equal to the amount worked out using the following formula:

where:
basic rate has the same meaning as in subsection 18(8AC).
earlier notional adjustment debits means the total of the person's notional adjustment debits arising under any or all of the following provisions before the start of the election day:
 (a) subsection 18(8AA);
 (b) subsection 18(8AB);
 (c) subsection 18A(6).
 (15A) Any reduction under section 22CH is to be disregarded in applying the definition of basic rate in subsection (15) of this section.
 (16) If:
 (a) a person makes an election under subsection 18A(1) on a particular day (the election day) in relation to his or her retiring allowance; and
 (b) the person has already made an election under subsection (3) of this section in relation to the retiring allowance;
paragraph (6)(a) ceases to apply to the retiring allowance on the election day.
 (17) If:
 (a) a person makes an election under subsection 18A(1) in relation to his or her retiring