Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_176:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 176 (pt 1/2)
Character Range: 719022–721671

176  Allocation among eligible pensioners
 (1) In this section:
amount available for distribution means the sum of:
 (a) the amount (in paragraph (b) referred to as the surplus amount) equal to the amount by which the value of the part of the value of the net assets of the existing Fund that, by virtue of subsection 175 (1), is deemed to relate to persons other than existing contributors, exceeds the amount determined by the Minister under subsection (2) of this section; and
 (b) an amount determined by the Minister, after receiving advice from the Investment Trust, to be the amount that will accrue to the new Fund, in respect of the period commencing on the commencing day and ending on the distribution date, in relation to the surplus amount.
distribution date means such date as is fixed by the Minister, by notice published in the Gazette, as the distribution date for the purposes of this section.
 (2) The Minister shall, as soon as practicable after the commencing day, determine the amount necessary to provide for the benefits (other than benefits that might have become payable to or in respect of existing contributors) which were a charge upon the existing Fund immediately before the commencing day or are, under the regulations, to be treated as if they were such a charge.
 (3) The Minister shall, in making the determination for the purposes of subsection (2), have regard to such matters (if any) as are prescribed.
 (4) The Commissioner shall, as soon as practicable after the distribution date has been fixed by the Minister, allocate among eligible pensioners, in such manner as the Minister directs, the amount nearest to the amount available for distribution that it is practicable to allocate in that manner among eligible pensioners, and, in giving those directions, the Minister shall take into account all matters relevant to ensure that the amount to be distributed will be allocated among the persons concerned on a fair and reasonable basis.
 (5) Subject to subsection (6), as soon as practicable after the allocation in respect of eligible pensioners has been made under subsection (4), there shall be paid out of the new Fund to each eligible pensioner who is entitled to an amount under the allocation (not being an amount that is less than $2) an amount equal to that amount.
 (6) Where an eligible pensioner who is entitled to an amount under the allocation made under subsection (4) has died before payment of the amount, an amount equal to, or amounts aggregating, the amount to which the pensioner is so entitled shall be paid out of the new Fund to such person (if any), or to such persons (if any), as