Parliamentary Contributory Superannuation (Amendment) Act 1989 (NSW)
PARLIAMENTARY CONTRIBUTORY SUPERANNUATION
(AMENDMENT) ACT 1989 No. 159
NEW SOUTH WALES
TABLE OF PROVISIONS
1. Short title
2. Commencement3. Amendment of Parliamentary Contributory Superannuation Act 1971 No. 53
SCHEDULE 1 - AMENDMENTS
PARLIAMENTARY CONTRIBUTORY SUPERANNUATION
(AMENDMENT) ACT 1989 No. 159
NEW SOUTH WALES
Act No. 159, 1989
An Act to amend the Parliamentary Contributor)- Superannuation Act 1971 in relation to pensions payable under that Act [Assented to 12
December 1989] Parliamentary Contributory Superannuation (Amendment) 1989
The Legislature of New South Wales enacts:
Short title
1. This Act may be cited as the Parliamentary Contributory
Superannuation (Amendment) Act 1989.
Commencement
2. This Act commences on a day to be appointed by proclamation.
Amendment of Parliamentary Contributory Superannuation Act 1971
No. 53
3. The Parliamentary Contributory Superannuation Act 1971 is
amended as set out in Schedule 1.
SCHEDULE 1 - AMENDMENTS
(Sec. 3)
(1) Section 20 (Right to convert part of entitlement to lump sum
entitlement):Section 20 (4): the election was made", insert instead "in accordance with section 21B".
(2) Section 21 (Provisions applicable when the person becomes a
member after receiving a pension as a former member):
Omit "by the amount of annual pension entitlement in
"in accordance with section 21B". respect of which the conversion was made", insert instead
(3) Section 21B:
After section 21A insert
Calculation of pensions following conversion to lump sum
21B. (1) This section applies where the amount of
pension payable to a person is to be reduced, under section20 (4) or 21, because of an election under section 20 to
convert part of a pension entitlement to a lump sum.
R = C x F
R = C x F
test
Act No. 159
Parliamentary Contributory Superannuation (Amendment) 1989
SCHEDULE 1 - AMENDMENTS - continued
(2) The annual pension is to be reduced:
(a)
in the case of a person who, immediately before the commencement of the Parliamentary Contributory Superannuation (Amendment) Act 1989, was a member or in receipt of a pension under this Part - by the amount of annual pension in respect of which the election was made; or
(b)
in any other case - by an amount calculated in accordance with the following formula:
R = C x F
E
where:
R represents the amount of the reduction;
C represents the amount of annual pension
in respect of which the election concerned
was made;
E represents the annual pension entitlement
immediately before the election concerned
was made;
F represents the amount that would be the
current annual pension entitlement of the former member if he or she had not made the election concerned.
(3) In the event that any person:
(a) by becoming a member on a second or subsequent occasion, has become for a second or subsequent time entitled to a pension under this Part; and (b)
has made an election or elections under section 20, the person's pension is to be reduced in accordance with subsection (2) in respect of the first and any subsequent election made.
Parliamentary Contributory Superannuation (Amendment) 1989
SCHEDULE 1 - AMENDMENTS - continued
(4) In the case of a person to whom subsection (3)
applies who makes more than one election:
(a)
successive reductions of pension are to be calculated using the formula given in subsection (2); and
(b)
for the purposes of any such calculation, the values to be assigned to the symbols E and F in that formula are to reflect any reduction of annual pension entitlement resulting from previous calculations.
(4) Section 23A (Right of certain widows or widowers to convert
part of pension entitlement to lump sum entitlement):
Section 23A (2):
Omit "section 20", insert instead "this Part".
[Minister's second reading speech made in -
Legislative Assembly on 22 November 1989
Legislative Council on 23 November 1989 a.m.]
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