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SUPERANNUATION AND FAMILY BENEFITS ACT 1938 - SECT 46AB

46AB .         Increase in Fund share of pension

        (1)         Where a contributor or former contributor is entitled to an amount of pension according to the number of units held by him on retirement, he is entitled, in addition to the amount of pension to which he is otherwise entitled, to an amount of 10 cents per fortnight in respect of each unit for which he has contributed at any time prior to 1 July 1969 up to the time he became entitled to pension in respect thereof.

        (2)         The amount of increase of pension payable under subsection (1) shall be charged to the Fund.

        (3)         The provisions of subsections (1) and (2) apply — 

            (a)         in respect of the first fortnightly payment of pension made in the month of January 1974, and in respect of such subsequent payments;

            (b)         to a widow who is entitled to receive an amount of pension under this Act and in accordance with the rate of pension payable to the widow as referred to in this Act.

        (4)         Where a contributor or former contributor is entitled to an amount of pension according to the number of units held by him on retirement, he is entitled, in addition to the amount of pension to which he is otherwise entitled, to an amount of 10 cents per fortnight in respect of each unit for which he has contributed at any time prior to 1 July 1974 up to the time he became entitled to pension in respect thereof.

        (5)         The amount of increase in pension payable under subsection (4) shall be charged to the Fund.

        (6)         The provisions of subsections (4) and (5) apply — 

            (a)         in respect of the first fortnightly payment of pension made in the month of January 1977 and in respect of such subsequent payments; and

            (b)         to a widow who is entitled to receive an amount of pension under this Act, and in accordance with the rate of pension payable to the widow as referred to in this Act.

        (7)         Subject to subsections (10) and (11), where a contributor or former contributor is entitled to an amount of pension according to the number of units held by him on retirement, he is entitled, in addition to the amount of pension to which he is otherwise entitled, to an amount of 10 cents per fortnight in respect of each unit for which he has contributed at any time prior to 1 July 1977 up to the time he became entitled to pension in respect thereof.

        (8)         The amount of increase in pension payable under subsection (7) shall be charged to the Fund.

        (9)         The provisions of subsections (7) and (8) apply — 

            (a)         in respect of the first fortnightly payment of pension made in the month of January 1980 and in respect of such subsequent payments;

            (b)         to a widow who is entitled to receive an amount of pension under this Act, and in accordance with the rate of pension payable to the widow as referred to in this Act.

        (10)         A person entitled to an amount of pension under this Act who prior to 1 July 1974 commuted — 

            (a)         the whole of the Fund share of the pension payable to him, is not entitled to any increase in pension under subsections (7) to (9) (inclusive);

            (b)         part of the Fund share of the pension payable to him, is entitled to receive such part of the increase in pension payable under subsections (7) to (9) (inclusive) as the Board may determine.

        (11)         A widow or widower who is entitled to receive an amount of pension under this Act who is the widow or widower of a person who has commuted either the whole or part of the Fund share of the pension payable under this Act is entitled to receive such part of the increase in pension payable under subsections (7) to (9) (inclusive) as the Board may determine.

        [Section 46AB inserted by No. 75 of 1973 s.10; amended by No. 134 of 1976 s.13; No. 76 of 1979 s.3; No. 49 of 1996 s.64.]



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