Allocation among existing contributors
177 Allocation among existing contributors
In this section:
amount available for allocation as basic contributions means the amount referred to in paragraph (2)(a).
amount available for allocation as supplementary contributions means the amount referred to in paragraph (2)(b).
amount available for distribution as supplementary contributions means the sum of:
the amount (in paragraph (b) referred to as the surplus amount) equal to the amount available for allocation as supplementary contributions; and
an amount determined by the Minister, after receiving advice from the Investment Trust, to be the amount that will accrue to the new Fund, in respect of the period commencing on the commencing day and ending on the distribution date, in relation to the surplus amount.
distribution date means such date, being a date not earlier than the election date, as is fixed by the Minister, by notice published in the Gazette, as the distribution date for the purposes of this section.
election date means such date as is fixed by the Minister, by notice published in the Gazette, as the election date for the purposes of this section.
For the purposes of this section, the Minister shall, as soon as practicable after the commencing day, determine, in relation to the value of the net assets of the existing Fund:
the amount that is to be treated as basic contributions made by existing contributors on the commencing day; and
the amount that is to be treated as supplementary contributions made by existing contributors on the commencing day;
and, in making the determination, the Minister shall have regard to such matters (if any) as are prescribed.
The Commissioner shall, as soon as practicable after the commencing day:
allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for allocation as basic contributions that it is practicable to allocate in that manner among existing contributors;
allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for allocation as supplementary contributions that it is practicable to allocate in that manner among existing contributors;
allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for distribution as supplementary contributions that it is practicable to allocate in that manner among existing contributors;
and, in giving those directions, the Minister shall take into account all matters relevant to ensure that the amounts to be allocated will be allocated among the persons concerned on a fair and reasonable basis.
As soon as practicable after the allocations in respect of existing contributors have been made under subsection (3), the Commissioner shall cause notice to be given to each existing contributor of the respective amounts that have been allocated to him or her under paragraphs (a), (b) and (c) of that subsection.
An existing contributor may, not later than the election date, or, if he or she ceases to be an eligible employee before the election date, not later than the date on which he or she so ceases, elect, by notice in writing to the Commissioner, that an amount specified in the election, being an amount not exceeding the amount allocated to him or her under paragraph (3)(c), be paid to him or her.
Where an existing contributor makes an election under subsection (5), then, subject to subsection (7), there shall be paid out of the new Fund to him or her an amount equal to the amount specified in the election.
Where an existing contributor who is entitled to an amount under subsection (6) has died before the payment of the amount, an amount equal to, or amounts aggregating, the amount to which he or she is so entitled shall be paid out of the new Fund to such person (if any), or to such persons (if any), as the Commissioner determines.
Sections 118, 119, 156 and 166 apply in relation to any moneys payable under this section as if those moneys were a benefit payable under this Act.
An amount equal to the amount allocated to an existing contributor under paragraph (3)(a) shall be deemed to be an amount of basic contributions paid by him or her under this Act on the commencing day.
Where an existing contributor does not make an election under subsection (5), an amount equal to the amount allocated to him or her under paragraph (3)(b) shall be deemed to be an amount of supplementary contributions paid by him or her under this Act on the commencing day.
Where an existing contributor makes an election under subsection (5) and specifies in the election an amount less than the amount allocated to him or her under paragraph (3)(c), an amount ascertained for the purposes of this subsection in accordance with subsection (12) shall be deemed to be an amount of supplementary contributions paid by him or her under this Act on the commencing day.
The amount to be ascertained for the purposes of subsection (11) in accordance with this subsection in respect of an existing contributor is an amount ascertained in accordance with the formula:
Start formula A minus start fraction AB over C end fraction end formula
where:
A is an amount equal to the amount allocated to him or her under paragraph (3)(b).
B is the amount specified in the election; and
C is an amount equal to the amount allocated to him or her under paragraph (3)(c).
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