Document ID: chunk:federal_register_of_legislation:C2004A03392:body:0:p19
Version: federal_register_of_legislation:C2004A03392
Segment Type: other
Provision Reference: 
Character Range: 46050–48999

of contributory service less than 8 years
31. Section 73 of the Principal Act is amended by omitting sub-sections (2) and (3) and substituting the following sub-section:
"(2) The lump sum benefit to which a person to whom this section applies is entitled is an amount equal to whichever is the greater of—
     (a) the sum of—
         (i) 3½ times the amount of the person's accumulated basic contributions; and
         (ii) the amount of the person's accumulated supplementary contributions (if any); or
     (b) the sum of—
         (i) one-half of the amount that is the amount per annum of the person's final annual rate of salary; and
         (ii) the amount of the person's accumulated supplementary contributions (if any).".

32. After section 73 of the Principal Act the following section is inserted:

Reduction of invalidity pensions because of earnings
"73a. (1) In this section—
     'earnings rate', in relation to an invalidity pensioner, means the amount per annum last estimated by the Commissioner under sub-section (3) as the annual rate of the personal earnings of the pensioner;
     'invalidity pensioner' means a person to whom invalidity pension is payable and who has not attained the age of 65 years;
     'personal earnings', in relation to an invalidity pensioner, means salary, wages, fees or other amounts received by the pensioner for services rendered, or work performed, by the pensioner, and includes—
         (a) remuneration paid to the pensioner as the director of a company; and
         (b) commission received by the pensioner for canvassing, collecting or similar activities;
     'prescribed maximum rate' means—
         (a) before the operation of sub-section (2)—$19,200 per annum increased by the relevant percentage of that rate; or
         (b) after the operation of that sub-section—the rate that is the prescribed maximum rate by virtue of that sub-section;
     'prescribed percentage', in relation to a prescribed year, means the prescribed percentage in relation to that year for the purposes of section 148;
     'prescribed year' means a prescribed year within the meaning of Part X, other than a year commencing before 1 July 1988;
     'relevant maximum rate', in relation to an invalidity pensioner, means—
         (a) the prescribed maximum rate; or
         (b) 75% of the amount per annum that the Commissioner, having regard to any changes in the rates of remuneration that have occurred since the pensioner ceased to be an eligible employee and any other matters that the Commissioner considers relevant, determines would have been the annual rate of salary of the pensioner if the pensioner had not ceased to be an eligible employee and had continued to occupy the position held immediately before so ceasing,
    whichever is the greater;
     'relevant pension rate', in relation to an invalidity pensioner, means—
         (a) where the pensioner did not make an election under