CONSTITUTION ACT 1975 - SECT 7C Actuary's first calculation after Governor's election to commute pensions
CONSTITUTION ACT 1975 - SECT 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—
S. 7C(1)(a) amended by No. 23/2008 s. 4(2).
(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
S. 7C(1)(b) amended by No. 23/2008 s. 4(2).
(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).
S. 7C(2) amended by No. 23/2008 s. 4(2).
(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).
S. 7C(3) amended by No. 23/2008 s. 4(2).
(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
S. 7C(4)(b) amended by No. 23/2008 s. 4(2).
(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).
S.
7D
inserted by No. 19/2001 s. 6.