Document ID: chunk:federal_register_of_legislation:C2004A00035:body:0:p20
Version: federal_register_of_legislation:C2004A00035
Segment Type: other
Provision Reference: 
Character Range: 46046–48628

of his having had the legal title to a life policy or life policies of a kind referred to in that sub-section or by reason of his having been entitled to have the legal title to such a policy or policies assigned to him; and
    (c) he has elected in accordance with paragraph (b) of sub-section (1) of section 22q to pay to the Commonwealth an amount equal to the amount of that transfer value,
the following provisions of this section have effect.
"(2) The person may, within the period within which he was entitled to make an election under paragraph (b) of sub-section (1) of section 22q, elect that this sub-section shall have effect in relation to him and, where an election is so made, section 22q has effect as if the amount referred to in paragraph (c) of sub-section (1) of that section, or, if part only of that amount relates to the transfer value referred to in sub-section (1) of this section, that part of that amount, had been paid to the Commonwealth in accordance with that paragraph.
"(3) An election under sub-section (2) does not have effect unless the person causes to be assigned to the Commonwealth within the period referred to in that sub-section, the life policy or life policies referred to in paragraph (b) of sub-section (1) free from any mortgages, charges or other encumbrances.
"(4) If—
    (a) the amount per annum of the parliamentary allowance payable to the person upon his becoming a member was greater than the annual remuneration that was payable to him in respect of the last employment in which he was employed and to which a super­annuation scheme referred to in sub-section (1) related; or
    (b) after the person became a member his parliamentary allowance is increased,
the Trust, on behalf of the Commonwealth, shall, so far as is practicable, arrange for the amount or amounts of any life policy or life policies assigned to the Commonwealth by the person to be increased by the amount or amounts by which the life policy or life policies would have been increased under that scheme, or for the issue of such additional life policy or life policies in relation to the person as would have been issued under that scheme, if he had remained a participant in the scheme and had been in receipt of an annual remuneration equal to the amount per annum of that parliamentary allowance or that increased parliamentary allowance, as the case may be.

"(5) So much of any premium payable in respect of any life policy assigned to the Commonwealth in accordance with sub-section (3) or issued in accordance with sub-section (4) as relates to a