Document ID: chunk:federal_register_of_legislation:F2011C00466:reg:141:p12
Version: federal_register_of_legislation:F2011C00466
Segment Type: reg
Provision Reference: reg 141 (pt 12/15)
Character Range: 54963–57724

taken to be a reference to the day of the person's retrenchment.".

3 Section 61:

  Omit subsection (4), substitute:

           "(4) In this section:
           last day of service, in relation to a subregulation 15A (5) person, means the day of the person's retrenchment.
           notional final annual rate of salary, in relation to a subregulation 15A (5) person, means the final annual rate of salary ascertained in accordance with section 61AA.".

4 New section 61AA:

61AA. CPI update of final salary

          "(1) For subsections 56 (4) and 61 (4), the final annual rate of salary of a subregulation 15A (5) person is taken to be:

           where:

           CPI1 is the CPI published for the last complete quarter that ends on or before the day when the person ceased to be an eligible employee.

           CPI2 is the highest CPI in the published series that starts with CPI1 and ends with the last published CPI on or before the day when the person ceases employment.

           S is the actual final annual rate of salary of the person as an eligible employee.

          "(2) Subject to subsection (3), if at any time after a benefit becomes payable under this Division, the Australian Statistician has published or publishes in respect of a particular quarter a CPI in substitution for a CPI previously published in respect of that quarter, the publication of the later CPI is to be disregarded for the purposes of this section.

          "(3) If, at any time, the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of the application of this section after the change took or takes place, regard is to be had only to index numbers published in terms of the new reference base.

          "(4) In this section:

           CPI means the all groups consumer price index number for the weighted average of the 8 capital cities published by the Australian Statistician.

           quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.".

5 Section 62:

  After subsection 62 (1), insert:

           "(1A) A subregulation 15A (5) person may, not later than 3 months after the day of the person's retrenchment, elect, by notice in writing to CSC, that, in lieu of pension and lump sum benefit being payable under section 55 or 59, benefit be paid under this section.".

6 Paragraph 110R (1) (a):

  Add at the end:
 "(iv) has attained the age of 55 years and is taken, under subsection 58 (3B) to have retired involuntarily; or".

7 Paragraph 110R (4) (b):

  Omit the paragraph.

Schedule 12 Modifications — employees of services etc sold, privatised etc who cease to be eligible employees before 1 July 1995
(subregulation