Document ID: chunk:federal_register_of_legislation:C2024C00651:section:18b:p3
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 18B (pt 3/5)
Character Range: 90741–93305

percentage (in this paragraph referred to as the previous percentage) that would, but for this paragraph, be the relevant percentage, under that subsection, in respect of his or her service in that office, be ascertained in accordance with the formula

  ,

  where:
  p is the previous percentage; and
  s is the specified percentage; and
 (c) if a payment or payments of retiring allowance has or have already been made to him or her since he or she became entitled to the retiring allowance, the amount of the lump sum payment referred to in subsection (4) shall be reduced by so much of the amount of the payment, or of the sum of the amounts of the payments, already made as relates or relate to the specified percentage of the retiring allowance.
 (7) A reference in this section to the annual amount of the retiring allowance payable to a person shall be construed as a reference to the annual amount of the retiring allowance that was payable to the person at the time when he or she became entitled to that allowance.
 (9) Notwithstanding anything contained in this section, where the Trust is of the opinion that a person who:
 (a) has become entitled to a retiring allowance; and
 (b) has made an election under subsection (3) to convert a percentage of his or her retiring allowance to a lump sum payment in accordance with that subsection;
would, within 12 months after having become entitled to that retiring allowance, be likely to become a member again, the Trust shall direct that the operation of the election be deferred for such period, not exceeding 12 months, as the Trust determines.
 (10) The Trust may at any time during the period of deferment of the operation of an election made under subsection (3) reduce the period of deferment.
 (11) During the period of deferment of the operation of an election made under subsection (3) by a person, retiring allowance shall, subject to subsection 20(3), be paid to the person as if the election had not been made.
 (12) Where, during the period of deferment of the operation of an election made under subsection (3) by a person, the person becomes a member again, the election shall, for the purposes of this Act, be deemed never to have been made.
 (13) Where, during the period of deferment of the operation of an election made under subsection (3) by a person, the person does not become a member again, the lump sum payment that would have been payable to him or her in accordance with subsection (3) but for the deferment shall be paid to him or her, but, in determining the amount by which