Document ID: chunk:federal_register_of_legislation:C2004A01292:clause:1_22cg
Version: federal_register_of_legislation:C2004A01292
Segment Type: clause
Provision Reference: sch 1 cl 22CG
Character Range: 36408–37599

22CG  Operative time during growth phase—reduction of lump sum

 (1) This section applies if:
 (a) at the operative time, standard allowance or annuity is not payable in respect of the original interest; and
 (b) the original interest is not an entitlement to an associate annuity.

 (2) The contributions in respect of the original interest are reduced, with effect from the operative time, by the amount calculated using the formula:
where:

contributions at OT means the amount of the contributions, ascertained at the operative time.

Note: Under subsections 20A(2) and 22Q(3), certain amounts are deemed to be contributions (in addition to contributions under Part IV).

 (3) Any section 16A amount in respect of the original interest is reduced, with effect from the operative time, by the amount calculated using the formula:

where:

section 16A amount at OT means the section 16A amount, ascertained at the operative time.

 (4) Any section 22Q amount in respect of the original interest is reduced, with effect from the operative time, by the amount calculated using the formula:
where:

section 22Q amount at OT means the section 22Q amount, ascertained at the operative time.