Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119t:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119T (pt 1/3)
Character Range: 380247–382793

119T  Deferred benefits
 (1) The deferred benefits applicable under this Division in respect of a person who has ceased to be a contributor to the Fund or to the Provident Account shall, subject to this Division, be benefits of the same nature, and payable in the same circumstances, on the same conditions and, upon his death, to the same persons (if any), as the benefits that would have been payable to or in respect of the person under this Act if he had not ceased to be such a contributor and had not made the election by virtue of which the deferred benefits became applicable and subsection (2) of section 37, subsection (3) of section 38, subsection (2) of section 43, subsection (2) of section 43A, subsection (4) of section 45, subsection (7) of section 46, subsection (5) of section 48, subsection (2) of section 49, subsection (2) of section 51, subsection (6) of section 82, subsection (4) of section 83, subsection (3) of section 83A, subsection (2) of section 84 and subsection (2) of section 85 had not been enacted.
 (2) Deferred benefits applicable in respect of a person are payable:
 (a) in the case of a person who was a contributor to the Fund—out of the Fund; and
 (b) in the case of a person who was a contributor to the Provident Account—out of the Provident Account or, where the benefits are payable on or after 1 July 1976—out of the Consolidated Revenue Fund, which is appropriated accordingly.
 (3) Subject to subsections (5) and (6), the amount of any pension or lump sum constituting or forming part of any deferred benefits shall be as determined by the Board.
 (4) In furnishing advice to the Board in relation to the determination of the amount of a pension or lump sum constituting or forming part of any deferred benefits applicable in respect of a person, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:
 (a) the matters that he would be required to take into account by virtue of subsection (2) of section 119 if he were furnishing advice to the Board in relation to a determination of the value of the rights of the person under this Act as at the time immediately before he ceased to be a contributor to the Fund or to the Provident Account;
 (b) the circumstances in which, and the conditions on which, the pension or lump sum would be payable;
 (c) the circumstances in which the deferred benefits would cease to be applicable in respect of the person and the amount of any benefit that would be payable to or in respect of