Document ID: chunk:federal_register_of_legislation:C2004A05281:clause:6_23
Version: federal_register_of_legislation:C2004A05281
Segment Type: clause
Provision Reference: sch 6 cl 23
Character Range: 65476–66757

23  After subsection 41A(4)
Insert:
 (4A) If:
 (a) an elector makes an election under this section; and
 (b) the deceased contributing member's surcharge debt account is in debit when the pension becomes payable to the elector;
the following provisions apply:
 (c) the Commonwealth must pay to the elector the difference between the commuted amount and:
 (i) the member's surcharge deduction amount; or
 (ii) if the member's surcharge deduction amount exceeds the commuted amount—so much of the surcharge deduction amount as does not exceed the commuted amount;
 (d) the amount per annum of the pension payable to the elector, on and after the day on which the election takes effect, is:
 (i) if subparagraph (ii) does not apply—the amount per annum referred to in paragraph (4)(b); or
 (ii) if the member's surcharge deduction amount exceeds the commuted amount—the amount per annum worked out by using the formula:
             where:
             basic rate means the amount per annum referred to in paragraph (4)(b).
             conversion factor is the factor that is applicable to the member under the determination made by the Authority under section 124A.
             excess means the amount by which the member's surcharge deduction amount exceeds the commuted amount.