Document ID: chunk:federal_register_of_legislation:C2004A01463:body:0:p28
Version: federal_register_of_legislation:C2004A01463
Segment Type: other
Provision Reference: 
Character Range: 63931–66481

such further period as the Board allows, but any election made after the pay-day last preceding 1 July 1976 shall be deemed to have been made on that pay-day.

"(2) Notwithstanding section 5 of this Act, a prescribed employee shall be liable to make, and, from and including the relevant date, shall be deemed to have been liable to make, contributions to the Provident Account in accordance with Part V.

"(3) Upon the payment by a prescribed employee of an amount equal to the prescribed amount to the Board under sub-section (1) of this section—

    (a) if the superannuation scheme of which the employee was a member immediately before the relevant date was a scheme under which members were required to make contributions in respect of the benefits to be provided under the scheme—

        (i) an amount equal to so much of the prescribed amount as was based upon the contributions made by him to the superannuation scheme or on interest payable in respect of those contributions shall be paid by the Board to the Provident Account, or, on or after 1 July 1976, to the new Superannuation Fund, and, when so paid, shall be deemed, for the purposes of this Act, to be contributions paid to the Provident Account by the employee; and

        (ii) an amount equal to so much (if any) of the prescribed amount as was not based upon contributions made by him to the superannuation scheme shall be paid by the Board to the Consolidated Revenue Fund; or

    (b) in any other case—the amount of the payment shall be paid by the Board to the Consolidated Revenue Fund.

"(4) Where a sum is payable under section 82 or 83 of this Act to or in relation to a prescribed employee, that section shall be read as if the sum referred to in sub-section (1) of that section was a sum calculated by adding an amount equal to 3 times the aggregate of—

(a) the contributions paid by him to the Provident Account under section 80 of this Act; and
    (b) compound interest on those contributions at the rate or rates applicable for the purposes of Part V,
and an amount ascertained by multiplying by the factor applicable in relation to the employee in accordance with sub-section (5) of this section the aggregate of the amount paid by the employee to the Board under sub-section (1) of this section and compound interest on that amount, in respect of the period that commenced on the date on which the employee paid an amount equal to the prescribed amount to the Board in accordance with sub-section (1) of this section and ended on the date on which he ceased