Document ID: chunk:federal_register_of_legislation:C2024C00465:section:84:p4
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 84 (pt 4/5)
Character Range: 211285–213811

amounts paid by him to the Commonwealth under subsection (6).
 (10) A person who has made an election under subsection (2) may, if:
 (a) he has not ceased to be a contributing member; and
 (b) the life policy or life policies assigned by him to the Commonwealth in accordance with subsection (3) or issued in relation to him in accordance with subsection (4) has not or have not become payable;
by notice in writing to CSC revoke the election and, in that case, paragraphs (9)(a) and (b) have effect in relation to him.
 (11) The Finance Minister may, by instrument under his hand published in the Gazette, declare a superannuation scheme, being a scheme under which benefits are provided for by means of life policies, to be an approved superannuation scheme for the purposes of this section.
 (12) A declaration under subsection (11) shall come into force on the day on which the instrument of declaration is published in the Gazette or, if an earlier day (not being earlier than 1 October 1972) is specified in the instrument as the day on which the declaration is to be deemed to have come into force, shall be deemed to have come into force on that earlier day.
 (13) A superannuation scheme shall be taken, for the purposes of this section, to have been an approved superannuation scheme at a particular time if a declaration by the Finance Minister under subsection (11) in respect of that scheme was, or is to be deemed to have been, in force at that time.
 (14) In this section, the prescribed amount, in relation to a person in relation to any time, is an amount ascertained in accordance with the formula , where:
a is the amount of the annual premium, or the sum of the amounts of the annual premiums, applicable at that time under the life policy or life policies assigned by him to the Commonwealth in accordance with subsection (3) or issued in relation to him in accordance with subsection (4).
b is a number equal to the number of whole dollars included in the amount, or sum of the amounts, payable by him under the superannuation scheme referred to in subsection (4) immediately before he ceased to be a member of that scheme in respect of the annual premium or the annual premiums under the life policy or life policies assigned by him to the Commonwealth in accordance with subsection (3).
c is a number equal to the number of whole dollars included in the amount of the annual premium, or the sum of the amounts of the annual premiums, applicable under the life policy or life policies assigned by him to