Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p38
Version: federal_register_of_legislation:C1965A00097
Segment Type: other
Provision Reference: 
Character Range: 91425–93997

One thousand nine hundred and sixty-two.

Reductions in certain contributions paid or payable on or after 1 July, 1962.
67.—(1.) The Board may, after receiving advice in writing from an actuary, make such reductions in the rates of contribution payable to the Fund by a contributor, being rates that are not calculated by reference to the tables in the Schedules to the Superannuation Act 1922-1965, as, in its opinion, are necessary by reason of the reductions provided for by this Act in the rates of contribution payable to the Fund by other contributors.
(2.) Where the amount of any contribution that was or is paid by a contributor to the Superannuation Fund at any time on or after the first day of July, One thousand nine hundred and sixty-two, was not, or is not, calculated by reference to any of the tables in the Schedules to the Superannuation Act 1922 as amended and in force at that time, the Board may, after receiving advice in writing from an actuary and having regard to the reductions provided for by this Act in the rates of contribution payable to the Fund by other contributors, determine that a specified amount, being less than the first-mentioned amount, shall be deemed to have been the amount of the contribution payable by the first-mentioned contributor to the Fund at that time.

Refund of excess contributions paid since 1 July, 1962.
68.—(1.) Where the amount of any contribution for or in respect of a unit of pension that was, or is, paid by a person to the Superannuation Fund at any time exceeds the amount of the contribution that, by virtue of this Act, is to be deemed to have been, or is, payable to the Fund by the person at that time and a refund has not been made of the amount of the first-mentioned contribution—
       (a) subject to this section, an amount equal to the sum of—
             (i) the amount of the excess; and
             (ii) the amount that, if the person were entitled to receive compound interest on the amount of the excess calculated at the specified rate

             in respect of the period from that time to and including a date to be fixed by the Treasurer by notice published in the Gazette, would be the amount of that interest,
       shall be paid out of the Fund—
             (iii) to the person; or
             (iv) if the person is dead—to the widow of the person or, if there is no such person at the time of payment, to such person (if any) as the Superannuation Board determines; and
       (b) the amount of the contribution paid by the person to the Fund at that time shall, for the