New South Wales Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1971 - SECT 26C

26C Calculation of benefits for former federal members

(1) On payment of an amount under section 26B or 26BA, the trustees must determine, after receiving actuarial advice and, for the purposes of paragraph (b), after obtaining the advice of the trustees of the member’s former superannuation scheme:

(a) the additional period of service as a member attributable to the member in respect of the amount paid, and

(b) the amounts attributable to employee-financed and employer-financed components of the amount paid for the purposes of this Act.

(2) For the purposes of this Act, the period of service of the member is taken to be increased by the additional period attributable to the member under this section.

(3) For the purposes of section 19:

(a) the total salary of the member in respect of the additional period of service is taken to be the same as the total basic salary attributable to that member for that period, and

(b) the amount of total basic salary calculated in respect of a member under section 19 is to be increased by the amount of total basic salary under this subsection.

(4) For the purposes of section 22A, a member to whom section 26B or 26BA applies who is entitled to a benefit under section 22A or any other person to whom the benefit in respect of the member is payable:

(a) is not entitled to receive a supplementary benefit in respect of any amount paid under section 26B or 26BA, but

(b) is entitled to be refunded the whole of any amount paid under section 26B or 26BA.