Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119s:p2
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119S (pt 2/5)
Character Range: 372874–375427

had been determined under subparagraph (1)(a)(i) of this section and an amount of compound interest calculated thereon:
 (i) in respect of the period commencing on the day next following the day on which the person so ceased to be a contributor and ending on 30 June 1976—at the rate of interest that is from time to time the prescribed rate of compound interest determined in accordance with section 90 of this Act; and
 (ii) in respect of the period commencing on 1 July 1976 and ending on the expiration of the period of 14 days after the day on which the Commissioner calculates that compound interest—at the rate at which interest is from time to time calculated in accordance with regulations made for the purposes of the definition of accumulated basic contributions in subsection (1) of section 3 of the Superannuation Act 1976.
 (1A) If a payment was made under the Superannuation (Distribution of Surplus) Act 1974, or was or is made under section 176 of the Superannuation Act 1976, to a person referred to in subparagraph (1)(a)(ii) or paragraph (1)(b), the amount of compound interest referred to in that subparagraph or that paragraph, as the case requires, shall be reduced by such amount as the Commissioner determines to be appropriate having regard to the amount of that payment and the time at which that payment was or is made.
 (2) In furnishing advice to the Board in relation to the determination of the value of the rights of a person under this Act as at the time immediately before he ceased to be a contributor to the Fund or to the Provident Account, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:
 (a) the contributions to the Fund or to the Provident Account made by the person;
 (b) in the case of a person who was a contributor to the Fund, the payments to the Fund that would have been made by the Commonwealth if:
 (i) on each occasion on which the person was required to pay an amount of contributions to the Fund in respect of units of pension (other than reserve units of pension), the Commonwealth had paid to the Fund an amount equal to two and one‑half times the amount that the person was so required to pay; and
 (ii) on each occasion on which the person would have been required to pay an amount of contributions to the Fund in respect of units of pension (if any) that were applicable in relation to him as non‑contributory units of pension if he had been making contributions for those units of pension based upon a retiring age