Document ID: chunk:federal_register_of_legislation:C2004A00035:body:0:p4
Version: federal_register_of_legislation:C2004A00035
Segment Type: other
Provision Reference: 
Character Range: 7214–9969

respect of the person upon the termination of any previous employment by reason that, upon the termination of that previous employment, he had the legal title to that policy, or was entitled to have the legal title to that policy assigned to him.".

Temporary trustees.
7. Section 7 of the Principal Act is amended by omitting sub-section (2).

Delegation.
8. Section 8a of the Principal Act is amended by omitting sub-section (2).

Repeal of Part III.
9. (1) Part III of the Principal Act is repealed.

(2) The assets of the Parliamentary Retiring Allowances Fund are, by force of this section, vested in the Commonwealth.

(3) The Treasurer, or an officer of the Department of the Treasury authorized by the Treasurer by instrument under his hand, may convert into money any assets to which sub-section (2) applies that do not consist of money.

Contributions by members.
10. Section 13 of the Principal Act is amended—
    (a) by omitting from sub-section (1) the words "contribute to the Fund" and substituting the words "pay contributions to the Commonwealth"; and

    (b) by omitting from sub-section (4) the words "into the Fund" and substituting the words "to the Commonwealth".

Contributions by Commonwealth.
11. Section 14 of the Principal Act is repealed.

Heading.
12. The heading to Part V is repealed and the following heading substituted:—

"Part V—Benefits".

13. Before section 15 of the Principal Act the following section is inserted in Part V:—

Benefits to be paid by Commonwealth.
"14a. Payments in respect of benefits (including refunds of contributions) provided for by this Act shall be made by the Commonwealth.".

Benefits applicable only to present and future members.
14. Section 15 of the Principal Act is amended by omitting the word "pensions" and substituting the words "retiring allowances, annuities".

Benefits to members.
15. (1) Section 18 of the Principal Act is amended—
(a) by omitting from sub-section (1) the words "from the Fund";
(b) by omitting paragraph (a) of sub-section (2) and substituting the following paragraphs:—
        "(a) where his period of service is not less than eight years—a retiring allowance during his life-time at the rate applicable in accordance with the scale set out in sub-section (6);
        (aa) where his period of service is less than eight years but he has, on each of at least three occasions (including occasions before the commencement of this paragraph), ceased to be a member upon the dissolution or expiration of the House of which he was then a member or upon the expiration of his term of office—a retiring allowance during his life-time at the rate applicable in accordance with the scale set out in sub-section (6) in the case of a member whose period of service