Document ID: chunk:federal_register_of_legislation:C2004A05281:clause:6_10
Version: federal_register_of_legislation:C2004A05281
Segment Type: clause
Provision Reference: sch 6 cl 10
Character Range: 57521–60179

10  At the end of section 24
Add:
 (8) If:
 (a) a member of the scheme makes an election under this section (first election); and
 (b) the member's surcharge debt account is in debit when retirement pay becomes payable to the member; and
 (c) the member also makes an election under subsection 124(1);
the following provisions apply:
 (d) the Commonwealth must pay to the member the difference between the amount (specified amount) specified in the first election as the amount that is to be payable to the member by virtue of the commutation and:
 (i) the member's surcharge deduction amount; or
 (ii) if the member's surcharge deduction amount exceeds the specified amount—so much of the surcharge deduction amount as does not exceed the specified amount;
 (e) the amount per annum of the retirement pay payable to the member, on and after the day on which the first election takes effect, is:
 (i) if subparagraph (ii) does not apply—the amount per annum referred to in paragraph (3)(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 (3)(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 specified amount.
 (9) 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 retirement 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 retirement 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 (3)(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 amount of the member's productivity superannuation benefit.