Document ID: chunk:federal_register_of_legislation:C2004A00035:body:0:p21
Version: federal_register_of_legislation:C2004A00035
Segment Type: other
Provision Reference: 
Character Range: 48392–51003

parliamentary allowance, as the case may be.

"(5) So much of any premium payable in respect of any life policy assigned to the Commonwealth in accordance with sub-section (3) or issued in accordance with sub-section (4) as relates to a period during which the person is a member shall be paid by the Commonwealth.
"(6) Where the person ceases to be a member and is not entitled to a retiring allowance and, within three months after so ceasing, becomes employed in employment in respect of which a superannuation scheme referred to in paragraph (a) of sub-section (1) is applicable and becomes a participant in that scheme, he may elect within that period that this sub-section shall have effect in relation to him and, if he so elects—
    (a) any benefit that, but for this sub-section, would be payable to him is not payable;
    (b) the Commonwealth shall assign to the person administering that superannuation scheme the life policy or life policies assigned by the first-mentioned person to the Commonwealth in accordance with sub-section (3) or issued in relation to him in accordance with sub-section (4); and
    (c) the Commonwealth shall pay to the first-mentioned person the amount by which the amount of the benefit that, but for this section, would be payable to him exceeds the sum of the amounts of the annual premiums paid by the Commonwealth under the life policy or life policies assigned by him to the Commonwealth in accordance with sub-section (3) or issued in relation to him in accordance with sub-section (4).
"(7) Where the person is entitled to make an election under sub-section (6) but does not make the election—
    (a) the Commonwealth shall surrender the life policy or life policies assigned by him to the Commonwealth in accordance with sub-section (3) or issued in relation to him in accordance with sub­section (4); and
    (b) the Commonwealth is entitled to the proceeds of the surrender but, in the case of a policy or policies assigned by the person to the Commonwealth in accordance with sub-section (3), shall pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of sub-section (1) is deemed for the purposes of this Act to have become payable in respect of him and ended on the date on which he became a member.
"(8) If the life policy or life policies assigned by the person to the Commonwealth in accordance with sub-section (3) becomes or become payable at or before the