Document ID: chunk:federal_register_of_legislation:C2024C00465:section:32a:p3
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 32A (pt 3/3)
Character Range: 76444–78225

which the first election takes effect, is:
 (i) if subparagraph (ii) does not apply—the amount per annum referred to in paragraph (5)(b); or
 (ii) if the member's surcharge deduction amount exceeds the specified amount—the amount per annum worked out by using the formula:

             where:
             basic rate means the amount per annum referred to in paragraph (5)(b).
             conversion factor is the factor that is applicable to the member under the determination made by CSC under section 124A.
             excess means the amount by which the member's surcharge deduction amount exceeds the specified amount.
 (8) If:
 (a) a member of the scheme makes an election under this section; and
 (b) the member's surcharge debt account is in debit when invalidity pay becomes payable to the member; and
 (c) the member does not make an election under subsection 124(1); and
 (d) the member's surcharge deduction amount exceeds the amount of the member's productivity superannuation benefit;
the following provisions apply:
 (e) the Commonwealth must pay to the member an amount equal to the amount specified in the election as the amount that is to be payable to the member by virtue of the commutation;
 (f) the amount per annum of the invalidity pay payable to the member, on and after the day on which the election takes effect, is the amount per annum worked out by using the formula:

          where:
          basic rate means the amount per annum referred to in paragraph (5)(b).
          conversion factor is the factor that is applicable to the member under the determination made by CSC under section 124A.
  excess means the amount by which the member's surcharge deduction amount exceeds the amount of the member's productivity superannuation benefit.