Superannuation Act 1922

This section applies to a State employee whose contributions to the State Fund were of a similar nature to contributions under this Act to the Provident Account.

A State employee to whom this section applies may elect, within 3 months after the relevant date or within such further period as the Board allows, to contribute to the Provident Account in accordance with this section and may pay to the Board an amount equal to the prescribed amount within that period or within such further period as the Board allows, but any election made after the pay‑day last preceding 1 July 1976 shall be deemed to have been made on that pay‑day.

Notwithstanding section 5, a prescribed employee shall be liable to make, and, from and including the relevant date, shall be deemed to have been liable to make, contributions to the Provident Account in accordance with Part V.

Upon the payment by a prescribed employee to the Board under subsection (2) of an amount equal to the prescribed amount:

an amount equal to so much of the prescribed amount as was based upon the contributions made by him to the State Fund or on interest payable in respect of those contributions shall be paid by the Board to the Provident Account, or, on or after 1 July 1976, to the new Superannuation Fund, and, when so paid, shall be deemed, for the purposes of this Act, to be contributions paid to the Provident Account by the employee; and

an amount equal to so much of the prescribed amount as was not so based shall be paid by the Board to the Commonwealth.

Where a sum is payable under section 82 or 83 to or in relation to a prescribed employee, that section shall be read as if the sum referred to in subsection (1) of that section were the sum calculated by adding an amount equal to 3 times the aggregate of:

the contributions paid by him to the Provident Account under section 80; and

compound interest on those contributions at the rate or rates applicable for the purposes of Part V;

if subsection (6) applies in relation to the employee—an amount ascertained by multiplying by the factor applicable in accordance with subsection (6) in relation to the employee the aggregate of the amount paid to the Provident Account, or to the new Superannuation Fund, in respect of the employee under paragraph (a) of subsection (4) and compound interest on that amount as provided in subsection (8);

if subsection (7) applies in relation to the employee—in respect of each part, as determined in accordance with subsection (7), of the amount paid by the Board to the Provident Account, or to the new Superannuation Fund, in respect of the employee under paragraph (a) of subsection (4):

if paragraph (c) of subsection (7) applies in relation to the part—an amount ascertained by multiplying by the factor applicable, in accordance with subsection (7) in relation to that part, the aggregate of the amount of that part and compound interest on that last‑mentioned amount as provided in subsection (8); or

in any other case—an amount ascertained by aggregating the amount of that part and compound interest on that last‑mentioned amount as provided in subsection (8); or

in any other case—an amount ascertained by aggregating the amount paid to the Provident Account in respect of the employee under paragraph (a) of subsection (4) and compound interest on that amount as provided in subsection (8).

Subject to subsection (7), where a prescribed employee would, under the law in force in the State on the day immediately before the relevant date, have been entitled to be paid from the State Fund, upon ceasing to be a contributor to the State Fund upon attaining the age for his retirement, an amount calculated by reference, among other things, to the amount ascertained by multiplying the sum of his contributions to the State Fund by a particular factor:

this subsection applies in relation to the employee; and

that factor is the factor applicable in relation to the employee for the purposes of paragraph (c) of subsection (5).

Where the amount paid to the Provident Account, or to the new Superannuation Fund, in respect of a prescribed employee under paragraph (a) of subsection (4) was based on the employee’s interests in 2 or more separate accounts forming part of the State Fund:

the amount so paid by the Board shall, for the purposes of this section, be deemed to consist of parts each of which comprises the part of the amount so paid that is based on his interest in 1 of those accounts;

this subsection applies in relation to the employee; and

if the employee would, under the law in force in the State on the day immediately before the relevant date, have been entitled to be paid from the State Fund upon ceasing to be a contributor to that Fund upon attaining the age for his retirement an amount ascertained by multiplying the amount of his interest in that account by a particular factor:

this paragraph applies in relation to the part of the amount so paid that is based on his interest in that account; and

that factor is the factor applicable, for the purposes of subparagraph (i) of paragraph (d) of subsection (5), in relation to that part of the amount so paid.

In paragraphs (c), (d) and (e) of subsection (5), a reference to compound interest on an amount, or a part of an amount, paid to the Provident Account, or to the new Superannuation Fund, in respect of a prescribed employee under paragraph (a) of subsection (4) is a reference to compound interest on that amount, or on that part of that amount, as the case requires, in respect of the period that commenced on the date on which the employee paid an amount equal to the prescribed amount to the Board in pursuance of subsection (2) and ended on the date on which he ceased to be a contributor to the Provident Account, at the rate or rates applicable for the purposes of Part V.

Where a prescribed employee ceases to be a contributor to the Provident Account in such circumstances that an amount equal to the contributions paid by him to the Provident Account together with compound interest on the amount of those contributions is payable to or in respect of him, so much of the amount paid by him to the Board in pursuance of subsection (2) as was paid by the Board to the Commonwealth, together with compound interest, in respect of the period that commenced on the date on which the employee paid that amount to the Board and ended on the date on which he ceased to be a contributor to the Provident Account, at the rate or rates applicable for the purposes of Part V, is payable to or in respect of him out of the Provident Account.

Where an amount payable out of the Provident Account is greater than the amount that, but for subsection (5), would be payable, there is payable to the Provident Account by the Commonwealth an amount equal to the difference between the amounts.

Where an amount is payable out of the Provident Account under subsection (9), an amount equal to that amount is payable to the Provident Account by the Commonwealth.