Document ID: chunk:federal_register_of_legislation:C1950A00076:body:0:p3
Version: federal_register_of_legislation:C1950A00076
Segment Type: other
Provision Reference: 
Character Range: 8726–11417

contributions are not at rate for age.
5. Section nineteen of the Principal Act is amended—

      (a) by omitting from sub-section (2.) the word "twice" (wherever occurring) and inserting in its stead the words "three times"; and
      (b) by omitting sub-section (2a.) and inserting in its stead the following sub-section:—
      "(2a.) The Commonwealth shall, in respect of each payment of pension (other than a pension payable in respect of a child) made to a widow of a pensioner or contributor who contributed to the Fund on the basis referred to in sub-section (1.) of this section, pay to the Fund a sum equal to one-half of the sum which would have been payable by the Commonwealth to the Fund under the preceding provisions of this section in respect of the pension which would have been payable to the pensioner or contributor if he had not died or if he had retired immediately prior to his death.".

Pension units.
6. Section twenty-eight of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—
"(1.) The unit of pension is—
      (a) where the number of units of pension does not exceed eight—the sum of Thirty-nine pounds per annum; or
      (b) where the number of units of pension exceeds eight—the sum of Thirty-nine pounds per annum in respect of eight of those units and the sum of Thirty-two pounds ten shillings in respect of the remaining units.".

Pension to widow and children on death of pensioner after retirement.
7. Section thirty-two of the Principal Act is amended by omitting from paragraph (a) of sub-section (1.) the words "Thirty-two pounds ten shillings" and inserting in their stead the words "Thirty-nine pounds".

8. Sections sixty y and sixty z of the Principal Act are repealed and the following sections inserted in their stead:—

Payments on retirement.
"60y.—(1.) Subject to this Act, where a contributor to the Provident Account retires or is retired on or after having attained the age of. sixty years or where his services are terminated—
      (a) on the ground of invalidity; or
      (b) owing to retrenchment,
there shall be paid to him a sum equal to two and one-half times the following amount, namely, the aggregate of his contributions to the Provident Account, together with compound interest on those contributions at the rate of Three pounds per centum per annum.
"(2.) In addition to the sum payable under the last preceding sub-section, there shall be paid to a contributor to the Provident Account a sum equal to one-half of the amount of the contributions paid by him to the Provident Account after the date of commencement of this section, but not including so much of