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Parliamentary Contributory Superannuation Legislation Amendment Act 1995

No. 23 of 1995

An Act to amend the Parliamentary Contributory Superannuation Act 1948 and the Superannuation Laws Amendment Act 1994, and for related purposes

[Assented to 29 March 1995]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the Parliamentary Contributory Superannuation Legislation Amendment Act 1995.

Commencement

2.(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(2) Sections 1 to 3 and Part 2 of the Schedule to this Act are taken to have commenced immediately after the commencement of section 7 of the Superannuation Laws Amendment Act 1994.

Schedule

3. The Acts specified in the Schedule to this Act are amended in accordance with the applicable items in the Schedule, and the other items in the Schedule have effect according to their terms.

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 SCHEDULE Section 3

PART 1—PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1948

1. Subsection 20(1 A):

Insert the following definition:

" 'cut off date' for a person means:

    (a) the date that is 12 months after the person again becomes a member; or

    (b) the date immediately before any day on which the person ceases to be a member upon the dissolution or expiration of the House of which he or she was then a member or upon the expiration of his or her term of office;".

2. Subsection 20(1):

Omit the subsection, substitute:

"(1) This section applies to a person if:

    (a) the person has received an eligible lump sum amount under this Act; and

    (b) the person has again become a member.

"(1AA) The person may enter into a contract with the Trust, in the manner required by the Trust, to repay the amount specified in subsection (IAD) to the Commonwealth within 3 years of the person again becoming a member.

"(1AB) The contract must be made in the period of 3 months after the person again becomes a member.

"(1AC) If there has not been a cut off date for the person in the 3 month period, the trust may extend the period until the first cut off date for the person after the person again becomes a member.

"(IAD) The amount referred to in subsection (1AA) is the amount calculated using the following formula:

where:

'Parliamentary allowance at contract date' means the annual amount, at the date on which the member concerned enters into a contract with the Trust under subsection (1AA), of parliamentary allowance payable to a member;

SCHEDULE—continued

'Parliamentary allowance at retirement date' means the annual amount, at the date on which the member concerned most recently retired from the Parliament, of parliamentary allowance payable to a member.

"(1AE) If