Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_145:p5
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 145 (pt 5/6)
Character Range: 588214–590714

sum benefit of an amount equal to the sum of any amounts paid to CSC under subsection (6) shall be paid to the person out of the Consolidated Revenue Fund, which is appropriated accordingly.
 (9A) An amount paid into the Superannuation Fund under subparagraph (9)(a)(i) in respect of a particular principal amount must not be less than the principal amount.
 (10) A person who has made an election under subsection (2) may, if:
 (a) he or she has not attained his or her minimum retiring age;
 (b) he or she has not ceased to be an eligible employee; and
 (c) the life policy or life policies assigned by him or her to CSC in accordance with subsection (3) or issued in relation to him or her in accordance with subsection (4) has not or have not become payable;
by notice in writing to CSC revoke the election and, in that case, paragraphs (9)(a) and (b) have effect in relation to him or her.
 (11) The Minister and CSC may agree that a particular superannuation scheme that:
 (a) provides for benefits by means of life policies; and
 (b) is an eligible superannuation scheme for the purposes of Division 3;
is an approved superannuation scheme for the purposes of this section.
 (11A) The Minister and CSC may at any time terminate an agreement made under subsection (11).
 (11B) An agreement made under subsection (11) may be expressed to have taken effect on a day earlier than the day on which the agreement is made but not earlier than 1 July 1976.
 (12) CSC must cause notice of the making of an agreement under subsection (11), or of the termination of such an agreement, to be published in the Gazette.
 (13) A superannuation scheme is taken, for the purposes of this section, to have been an approved superannuation scheme at a particular time if:
 (a) in respect of a time before 1 July 1994—a declaration in respect of the scheme made by CSC under subsection 145(11) of the Superannuation Act 1976 was, or is taken to have been, in force at that time; or
 (b) in respect of a time on or after that date—an agreement under subsection (11) in respect of the scheme was in force at that time.
 (15) In this section, the prescribed amount, in relation to a person at any time, is an amount ascertained in accordance with the formula:

where:
A is the amount of the annual premium, or the sum of the amounts of the annual premiums, applicable at that time under the life policy or life policies assigned by him or her to CSC in accordance with subsection (3) or issued in relation to him or