Superannuation Acts Amendment Act 1975 (Qld)

371 J urri tslixit ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 26 of 1975 An Act to amend the State Service Superannuation Act1972-1974 and the Public Service SuperannuationAct 1958-1974 each in certain particulars [ASSENTED TO 15TH MAY, 1975] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same , as follows:- PART I- PRELIMINARY 1. Short title . This Act may be cited as the Superannuation Acts Amendment Act 1975.

372 Superannuation Acts Amendment Act 1975, No. 26 2. Arraa't of Act . This Act is divided into Parts as follows:- PART I-PRELIMINARY (ss. 1-2); PART II- AMENDMENTS OF THE STATE SERVICE SUPERANNUATION ACT 1972-1974 (ss. 3-5); PART III-AMENDMENTS OF THE PUBLIC SERVICE SUPERANNUATION ACT 1958-1974 (ss. 6-10). PART II- AMENDMENTS OF`THE STATE SERVICE SUPERANNUATION ACT 1972-1974 3. Citation . (1) In this Part the State Service Superannuation Act1972-1974 is referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the State ServiceSuperannuationAct1972-1975. 4. Amendneot of s . 27. Section 27 of the Principal Act is amended by omitting from subsection (6) the words " calculated in accordance with the formula- P=AA k (N-0.6t)," and substituting the words " calculated- (a) in a case where the contributor's length of service is less than six' years, in accordance with the formula- P=A;-Ox N (1-0.1t); and (b) in any other case , in accordance with the formula- P= A 60 A x (N-0.6t)". 5. AmealmeM of s. 28. Section 28 of the Principal Act is amended by omitting from subsection (5) the words " calculated in accordance with the formula- P=6A0 x (N-0.6t)," and substituting the words " calculated- (a) in a case where the contributor's length of service is less than six years, in accordance with the formula- P= -60 x N (1-0.1t); and (b) in any other case , in accordance with the formula- P=;A6x (N-0.6t)".

Superannuation Acts Amendment Act 1975, No. 26 373 PART III-AMENDMENTS OF THE PUBLIC SERVICE SUPERANNUATION Acr 1958-1974 6. Citation . (1) In this Part the Public Service Superannuation Act1958-1974 is referred to as the Principal Act. (2) The Principal Act as amended by this Part may be cited as the Public Service Superannuation Act1958-1975. 7. Amendmen t of s. 4. Section 4 of the Principal Act is amended by inserting after the definition "Actuary " the following definition:- "Age for retirement " means the age of sixty - five years;". 8. Amendment of s . 23. Section 23 of the Principal Act is amended by omitting from subsection (5) subparagraph (c) and substituting the following subparagraph:- " (c) The units surrendered by a contributor under this subsection shall be- (i) in a case where the contributor is contributing under section 22A of this Act, or that section as applied by section 73B of this Act, for units of benefit, those units if the contributor nominates those units as the units to be so surrendered; (ii) in a case other than one referred to in provision (i) of this subparagraph (c), those units for which he last began to contribute.". 9. Amendment of s. 398 . Section 39B of the Principal Act is amended by- (a) numbering the existing provisions as subsection (1); (b) adding at the end of the section the following subsection:- " (2) Where a contributor prior to his resignation or retirement has duly surrendered all the units of benefits for which he is contributing under section 22A of this Act, or that section as applied by section 73B of this Act, he shall, for the purposes of this section, be deemed not to have elected to increase the amount of his or her contributions under section 22A of this Act or that section as applied by section 73B of this Act.". 10. Amendmen t of s. 40. Section 40 of the Principal Act is amended by omitting subsection (2) and substituting the following subsections:- " (2)' Where a contributor has commuted wholly or in part any contributions under this Act attributable to a period within the five years immediately preceding the age for retirement he is, upon his application therefor made to the Board prior to the date of his retirement, entitled to be paid from the Fund in respect of the contributions so commuted and attributable to such part of that period as commences on the date of his application or a date specified by him in his application (whichever is the later date) and expires at the termination of that period such sum of money as is determined by -the Actuary and approved by the Board.

374 Superannuation Acts Amendment Act 1975, No. 26 (3) Where a contributor who elects to retire at any time within the period of five years immediately preceding the day on which he would attain the age for retirement has commuted wholly or in part any contributions under this Act attributable to any period after the date of his reti r ement and has not been paid under subsection ( 2) a sum of money in respect of the whole of the contributions so commuted he is, in addition to any benefit entitlement under this Act, entitled to be paid from the Fund such sum of money in respect of such contributions as is determined by the Actuary and approved by the Board , due allowance being made for any sum of money that has been paid under subsection ( 2) in respect of such contributions.".