Defence Forces Retirement Benefits Act 1948

The deferred benefits applicable under this Division in respect of a person who has ceased to be a member shall, subject to this Division, be benefits of the same nature, and payable in the same circumstances, on the same conditions and, upon his death, to the same persons (if any), as the benefits that would have been payable to or in respect of the person under this Act if he had not ceased to be a member and had not made the election by virtue of which the deferred benefits became applicable.

The amount of any pension or lump sum constituting or forming part of any deferred benefits shall be as determined by the Board.

In furnishing advice to the Board in relation to the determination of the amount of a pension or lump sum constituting or forming part of any deferred benefits applicable in respect of a person, the Commonwealth Actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:

the matters that he would be required to take into account by virtue of subsection 82X(2) if he were furnishing advice to the Board in relation to a determination of the value of the rights of the person under this Act as at the time immediately before he ceased to be a member;

the circumstances in which, and the conditions on which, the pension or lump sum would be payable;

the circumstances in which the deferred benefits would cease to be applicable in respect of the person and the amount of any benefit that would be payable to or in respect of the person in the event of the occurrence of those circumstances;

the respective rates of mortality and invalidity that are assumed, for the purposes of the advice, to apply in relation to the person; and

the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund.

Sections 51 and 52 do not apply for the purposes of this section.

In this section, a reference to the Board shall be read as including a reference to the Authority.