Victorian Consolidated Legislation

County Court Act 1958 - SECT 14AB

Actuary's first calculation after election of judges to commute pensions

14AB. Actuary's first calculation after election of judges to commute pensions



(1) If an election under section 14AA is in operation, within 10 days after
the day on which a judge resigns, retires or dies while in office, the
Minister must-

   (a)  cause an actuary to determine the extent to which the former judge's
        pension and any future entitlement of the judge's partner or eligible
        child to a pension upon the judge'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 judge's
        total pension entitlement and that of his or her partner or eligible
        child at the time at which the former judge 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 judge or, if he or she has died, the former judge's
        partner or eligible child of the actuary's determination under
        subsection (1)(a).

(2) A former judge or, if he or she has died, the former judge's partner or
eligible child may revoke the election under section 14AA within 10 days after
the Minister's notification under subsection (1)(b).

(3) If an election under section 14AA is in operation, the former judge's
pension and any future entitlement of the former judge's partner or eligible
child to a pension upon the judge'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 judge's pension must not exceed 15% of his
        or her total pension entitlement under the Act on the day on which the
        judge resigned or retired; and

   (b)  the reduction of any future entitlement of the judge's partner or
        eligible child to a pension must not exceed 15% of an amount equal to
        the total pension entitlement of the judge's partner and eligible
        children on the day on which the judge 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).