Document ID: chunk:federal_register_of_legislation:C2024C00651:section:22r:p1
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 22R (pt 1/4)
Character Range: 179245–181850

22R  Special provisions affecting former participants in certain superannuation schemes
 (1) Where:
 (a) a person who becomes a member on or after 8 June 1973 was, at any time before becoming a member, a participant in:
 (i) a superannuation scheme conducted in accordance with the system established in the United Kingdom of Great Britain and Northern Ireland and known as the Federated Superannuation System for Universities; or
 (ii) a superannuation scheme that was, or is deemed to have been, an approved superannuation scheme for the purposes of this section at the time when the person became a member;
 (b) by virtue of subsection 4A(3), a transfer value is deemed for the purposes of this Act to have become payable in respect of the person on or after 8 June 1973 under that superannuation scheme because the person was the owner of a life policy or policies of a kind referred to in that subsection, or because the person was entitled to have the rights of the owner of such a policy or policies assigned to him or her; and
 (c) the person has elected in accordance with paragraph 22Q(1)(b) to pay to the Commonwealth an amount equal to the amount of that transfer value;
the following provisions of this section have effect.
 (2) The person may, within the period within which he or she was entitled to make an election under paragraph 22Q(1)(b), elect that this subsection shall have effect in relation to him or her and, where an election is so made, section 22Q has effect as if the amount referred to in paragraph 22Q(1)(c), or, if part only of that amount relates to the transfer value referred to in subsection (1) of this section, that part of that amount, had been paid to the Commonwealth in accordance with that paragraph.
 (3) An election under subsection (2) does not have effect unless the person causes to be assigned to the Commonwealth within the period referred to in that subsection, the life policy or life policies referred to in paragraph (1)(b) free from any mortgages, charges or other encumbrances.
 (4) If:
 (a) the amount per annum of the parliamentary allowance payable to the person upon his or her becoming a member was greater than the annual remuneration that was payable to him or her in respect of the last employment in which he or she was employed and to which a superannuation scheme referred to in subsection (1) related; or
 (b) after the person became a member his or her parliamentary allowance is increased;
the Trust, on behalf of the Commonwealth, shall, so far as is practicable, arrange for the amount or amounts of any life policy or life policies