Superannuation Act 1967 (Cth)

Superannuation

No. 52 of 1967

An Act to amend the Superannuation Act 1922–1966.

[Assented to 26 May 1967]

BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation. 1.—(1.) This Act may be cited as the Superannuation Act 1967. (2.) The Superannuation Act 1922–1966 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922–1967.

Commencement. 2. Subject to sub-section (2.) of the next succeeding section, this Act shall come into operation on the day on which it receives the Royal Assent.

Contributor remaining in Service after attaining maximum age for retirement. 3.—(1.) Section 44 of the Principal Act is amended— (a) by omitting sub-section (1.) and inserting in its stead the following sub-section:— "(1.) Where a contributor retires not less than one month after attaining the maximum age for retirement, the pension that would be payable to him under the provisions of this Act other than this section shall be increased by an amount ascertained by multiplying the portion of the pension equivalent to the contributions made by him by a multiplier that is— (a) if the maximum age for retirement in his case was sixty years, the sum of— (i) the factor specified in column 2 of Table I. in the Seventh Schedule to this Act opposite to the age specified in column 1 of that Table that was his age on retirement; and (ii) the product of the number of whole months included in the period that commenced on the anniversary of his birth that last occurred before his retirement and ended on the date of his retirement and the factor specified in column 3 of that Table opposite to the age specified in column 1 of that Table that was his age on retirement; or (b) if the maximum age for retirement in his case was sixty-five years, the sum of— (i) the factor specified in column 2 of Table II. in the Seventh Schedule to this Act opposite to the age specified in column 1 of that Table that was his age on retirement; and (ii) the product of the number of whole months included in the period that commenced on the anniversary of his birth that last occurred before his retirement and ended on the date of his retirement and the factor specified in column 3 of that Table opposite to the age specified in column 1 of that Table that was his age on retirement."; (b) by omitting from sub-section (2.) the word "percentage" and inserting in its stead the word "multiplier"; (c) by omitting from sub-section (2a.) the word "percentage" and inserting in its stead the word "multiplier"; and (d) by adding at the end thereof the following sub-section:— "(4.) Where— (a) this section applies to the pension of a contributor or of the widow or widower of a contributor; and (b) the contributor was, immediately before his retirement or death, contributing for some units of pension at a rate based on a retiring age of sixty years and other units of pension at a rate based on a retiring age of sixty-five years, this section applies to and in relation to the pension as if it consisted of two pensions, one such pension being attributable to the first-mentioned units and the other such pension being attributable to the second-mentioned units.". (2.) The amendments made by the last preceding sub-section shall be deemed to have come into operation on the first day of July, One thousand nine hundred and sixty-two, and apply only in relation to contributors who retire or die on or after that date.