Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_170:p3
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 170 (pt 3/3)
Character Range: 714804–716325

the superseded Act or otherwise), or would, if a demand had been made, have become liable to pay, whether under the superseded Act or otherwise, to the existing Fund or the former Board (not being moneys that a person has become liable to pay, or would, if a demand had been made, have become liable to pay, to the Fund or the former Board by reason of, or for a reason connected with, the exercise by the former Board of its investment power), but which have not been paid before the commencing day.
 (2) Where deferred benefits were applicable in respect of a person under section 119W of the superseded Act on the day immediately preceding the commencing day but had not become payable to or in respect of the person on or before that day, the person shall be deemed to be an eligible pensioner for the purposes of this Division.
 (3) A reference in this Division to the value of the net assets of the existing Fund shall be read as a reference to the amount by which the value, as determined by the Minister, of the investment assets of the existing Fund subsisting immediately before the commencing day, the uninvested moneys of the existing Fund, the unreceived moneys of the existing Fund and the unreceived amounts in respect of life assurance policies exceeds the amount, as determined by the Minister, of the investment liabilities of the existing Fund subsisting immediately before the commencing day and moneys that persons paid, but were not liable to pay, under the superseded Act before the commencing day.