Document ID: chunk:federal_register_of_legislation:F1997B02279:body:0:p2
Version: federal_register_of_legislation:F1997B02279
Segment Type: other
Provision Reference: 
Character Range: 2566–5294

benefits " means the increase (if any) payable on or after the commencing day in the benefits payable to or in respect of a prescribed person, being the increase payable by virtue of section 48ac, 48ad, 123 or 125 of the superseded Act or, except where pension was not payable (other than by reason of pension having been suspended) to the prescribed person at the commencement of the Act, by virtue of section 48au of the superseded Act;
        " liability component ", in relation to a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day, means an amount equal to the sum of—
           (a) the value of those prescribed benefits (calculated in accordance with actuarial principles and practice by the person for the time being performing the duties of the Australian Government Actuary), being prescribed benefits included in the additional benefits payable to or in respect of the prescribed person, that are payable on or after the commencing day to the person or persons to whom additional benefits were payable on that day; and
           (b) the value of the benefits payable to or in respect of the prescribed person that were a charge upon the existing Fund immediately before that day;
        " pensioner component ", in relation to a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day, means that part of the value of the net assets of the existing Fund that the person

    for the time being performing the duties of the Australian Government Actuary determines, in accordance with actuarial principles and practice, as being attributable to, or in relation to, that prescribed person;
    " prescribed benefits " means that part of the additional benefits payable to or in respect of a prescribed person that would have been a charge on the existing Fund if the additional benefits had become payable before the commencing day;
    " prescribed person " means a person, including a deceased per- son, who was a contributor for the purposes of the superseded Act and to whom, or in respect of whom, at the commencement of the Act, pension, other than a non-contributory pension, was payable or would, but for the pension having been suspended, have been payable under—
     (a) the superseded Act; or
     (b) section 10 of the Superannuation (Pension Increases) Act 1971.
(2) Where the liability component of a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day is greater in value than his pensioner component, the prescribed benefits payable to or in respect of that person shall be taken by the person making the determination under sub-regulation