Document ID: chunk:federal_register_of_legislation:C1951A00049:body:0:p11
Version: federal_register_of_legislation:C1951A00049
Segment Type: other
Provision Reference: 
Character Range: 28630–31624

the Principal Act the following Part is inserted:—

"Part IVe.—Special Provisions in Relation to Certain Former Contributors to Public Service Superannuation Funds.

Definition.
"60au. In this Part, 'Public Service Superannuation Fund' means a fund or account established under the law of a State to provide superannuation or other similar benefits for persons employed in the Public Service of that State and includes such other funds or accounts as are specified by the regulations to be Public Service Superannuation Funds for the purposes of this Act.

Provisions relating to former contributors to Public Service Superannuation Funds.
"60av.—(1.) An employee who became or becomes a contributor on or after the first day of November, One thousand nine hundred and fifty-one, and, immediately before becoming an employee, was a contributor to a Public Service Superannuation Fund may, within three months after the date of his becoming an employee, elect to pay to the Board the amount refunded to him from the Public Service Superannuation Fund upon his ceasing to be a contributor to that Fund.
"(2.) The amount refunded to a contributor from the Public Service Superannuation Fund shall not, for the purposes of the last preceding sub-section, include the amount (if any) refunded to him in respect of contributions paid by him to that Fund for reserve units of pension.
"(3.) Upon payment to the Board of an amount referred to in sub-section (1.) of this section, the actuarial member of the Board shall certify the number of units (including, where necessary, a fraction of a unit) the present value of which is, in his opinion, equal to three times that amount and the contributor shall be deemed to be a contributor for that number of units, but is not required to make contributions in respect of those units.

"(4.) An amount paid to the Board under this section—
       (a) shall be paid into and form part of the Fund; and
       (b) shall, for the purposes of this Act, be deemed to be contributions made by the employee to the Fund.".

Schedules.
25. Schedules V., VI., VII. and VIII. to the Principal Act are repealed and the following Schedules inserted in their stead:—

"SCHEDULE V.
Section 17.
Rates of Contribution to be Paid Fortnightly by Male Members, Based on a Retiring Age of Sixty-five Years.
Column One.                                                                            Column Two.                        Column Three.                                                                                                                                                             Column Four.
Age next Birthday at time when Obligation to Contribute Came or Comes into Existence.  Contribution for First Two Units.  Contribution for each Subsequent Two unite after the First Two Units where the Obligation to Contribute for those Units Came into Existence Prior to 1st November, 1951.  Contribution for each Unit being a Unit Subsequent to the First Two Units