Victorian Consolidated Legislation

Constitution Act 1975 - SECT 7C

Actuary's first calculation after Governor's election to commute pensions

7C. Actuary's first calculation after Governor's election to commute pensions



(1) If an election under section 7B is in operation, within 10 days after the
day on which the Governor resigns, retires or dies while in office, the
Minister must-

   (a)  cause an actuary to determine the extent to which the former
        Governor's pension and any future entitlement of the former Governor's
        partner to a pension upon the Governor's death otherwise payable under
        this Act will be reduced subject to subsection (4) and taking into
        account the lump sum to be provided by the commutation of part of the
        Governor's total pension entitlement and that of his or her partner at
        the time at which the former Governor became entitled to his or her
        pension for the purposes of payment of the whole of the liability for
        the superannuation contributions surcharge; and

   (b)  notify the former Governor or, if he or she has died, the former
        Governor's partner of the actuary's determination under subsection
        (1)(a).

(2) A former Governor or, if he or she has died, the former Governor's partner
may revoke the election under section 7B within 10 days after the Minister's
notification under subsection (1)(b).

(3) If an election under section 7B is in operation, the former Governor's
pension and any future entitlement of the Governor's partner to a pension upon
the Governor's death otherwise payable from time to time under this Act must
be reduced to the extent determined under subsection (1).

(4) For the purposes of subsection (1)-

   (a)  the reduction of the former Governor's pension must not exceed 15% of
        his or her total pension entitlement under the Act on the day on which
        the Governor resigned or retired; and

   (b)  the reduction of any future entitlement of the Governor's partner to a
        pension must not exceed 15% of an amount equal to the total pension
        entitlement of the Governor's partner on the day on which the Governor
        resigned, retired or died while in office; and

   (c)  each reduction referred to in paragraph (a) and (b) must be a fixed
        percentage to be applied to the pension entitlement under the Act and,
        if paragraphs (a) and (b) both apply, the percentage must be the same;
        and

   (d)  each reduction must be applied from the entitlement day according to
        paragraph (a) or (b).