2002-2003-2004

 

 

The Parliament of the

Commonwealth of Australia

 

 

HOUSE OF REPRESENTATIVES

 

 

 

Parliamentary Superannuation and Other Entitlements Legislation Amendment Bill 2004

 

 

(Amendment to be moved by Mr Andren)

 

Schedule 1, page 12 after item 18 (after line 21) add:

 

19 Assessment of benefit payable in respect of Member who has elected to leave the scheme

(1) This clause applies in respect of a person who has made an election under subparagraph 5 (1) (c) (ii) of the Parliamentary Superannuation Act 2004 to cease to make contributions to the scheme established by this Act and to become instead subject to the scheme established by the Parliamentary Superannuation Act 2004 .

(2) As soon as practicable after the Parliamentary Superannuation and Other Entitlements Legislation Amendment Act 2004 receives the Royal Assent the Remuneration Tribunal shall inquire into and report on:

(a) a formula for calculating any benefits payable with regard to contributions made under this act to or in respect of a person who has made an election under subparagraph 5 (1) (c) (ii) of the Parliamentary Superannuation Act 2004 ( termination benefits )

(b) when and in what circumstances termination benefits shall be paid;

(c) to whom termination benefits may be paid;

(d) the portability of termination benefits;

(e) the legislative amendments necessary to give effect to, and authorise payments in respect of, termination benefits, and

(f) any other matter relevant to the calculation or payment of termination benefits that the Tribunal thinks fit.

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