Document ID: chunk:federal_register_of_legislation:C2024C00651:section:22r:p3
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 22R (pt 3/4)
Character Range: 183967–186327

(6) but does not make the election:
 (a) the Commonwealth shall surrender the life policy or life policies assigned by him or her to the Commonwealth in accordance with subsection (3) or issued in relation to him or her 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 subsection (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 (1)(b) is deemed for the purposes of this Act to have become payable in respect of him or her and ended on the date on which he or she became a member.
 (8) If the life policy or life policies assigned by the person to the Commonwealth in accordance with subsection (3) becomes or become payable at or before the time when he or she ceases to be a member, the Commonwealth shall pay to the person, or, if he or she is dead, to his or her legal personal representative, 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 (1)(b) is deemed for the purposes of this Act to have become payable in respect of him or her and ended on the date on which he or she became a member.
 (9) Where:
 (a) the person has attained the age of 50 years and would, if he or she ceased to be entitled to a parliamentary allowance, be entitled to a pension; or
 (b) the person ceases to be a member and subsections (6), (7) and (8) do not apply in relation to him or her;
then, if the election made by him or her under subsection (2) has not been revoked in accordance with subsection (10), paragraphs (7)(a) and (b) have effect in relation to him or her.
 (10) A person who has made an election under subsection (2) may, if:
 (a) he or she has not ceased to be a member; and
 (b) the life policy or life policies assigned by him or her to the Commonwealth 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