Document ID: chunk:federal_register_of_legislation:F2005C00642:reg:128:p1
Version: federal_register_of_legislation:F2005C00642
Segment Type: reg
Provision Reference: reg 128 (pt 1/2)
Character Range: 31557–34435

128      Omit subsections (1) and (2), substitute the following subsections:
          '(1) Where the prescribed person pays to the Commissioner, not later than 3 months after the amount payable to the prescribed person under the Kennecott Pension Plan becomes so payable, or within such further period as the Commissioner allows, an amount equal to that amount, the Commissioner shall pay that amount to the Commonwealth.
          '(2) Where the prescribed person pays to the Commissioner, on the day on which the prescribed person pays to the Commissioner the amount referred to in subsection (1), an amount of interest on that amount calculated at the flat rate of 10% per annum in respect of the period commencing on 3 February 1986 and ending on the expiration of the day on which the first-mentioned amount is so paid to the Commissioner, the Commissioner shall pay that amount of interest to the Commonwealth.

          '(2A) Where the prescribed person pays to the Commissioner, within such period as the Commissioner allows, the amount of $12,655.15, the Commissioner shall pay that amount to the Commonwealth.'.
         Insert in subsection (3) 'prescribed' after 'upon the'.
         Omit from subsection (3) all words from and including 'the amount paid', substitute 'an amount equal to two-sevenths of the amount paid to the Commonwealth under subsection (1) or (2A), or, where amounts are paid into that Fund under both of those subsections, amounts equal to two-sevenths of each of those amounts, had been:
            (a) basic contributions paid by the prescribed person to the Commissioner under this Act; and
            (b) paid by the Commissioner into the Superannuation Fund.'.
         Omit subsections (4), (5) and (6), substitute the following subsections:
          '(4) If, upon the prescribed person ceasing to be an eligible employee, a lump sum benefit becomes payable to or in respect of the prescribed person under section 80 or 111, there is payable to or in respect of the prescribed person an additional lump sum benefit of an amount equal to the amount paid to the Commonwealth under subsection (1) or (2A), or, where amounts are paid to the Commonwealth under both of those subsections, an amount equal to the total of those amounts.

          '(5) There shall be added to the period that, but for this subsection, would be the period of contributory service of the prescribed person:
          (a) where the prescribed person pays to the Commissioner in accordance with subsections (1) and (2) the amounts referred to in those subsections — the period commencing on
         8 February 1966 and ending on the expiration
         of 31 December 1977; and
          (b) where the prescribed person pays to the Commissioner in accordance with subsection (2A) the amount referred to in that subsection — the period commencing on
         1