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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid14112585\charrsid2383999 COOK ISLANDS
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid2383999 MEMBERS OF PARLIAMENT SUPERANNUATION ACT}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid11480270  }{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid2383999 2003
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Title}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 PART I}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid10292388 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Short title and commencement}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 2}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  Interpretation
\par 3}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Act to bind the Crown}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 PART II
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9312015 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 MEMBERS OF PARLIAMENT TO BECOME}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 CONTRIBUTORS TO THE FUND
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 4. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Transfer of members from existing su}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 perannuation scheme to the Fund
\par 5. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Transfer value of existing members}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  credits}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 PART III
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid10292388 EXISTING BENEFICIARIES
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 6}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Benefits established}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 7}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 . }{
\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 Widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 s Benefit
\par 8}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 Opt}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 -out for recent beneficiaries
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 9}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 . }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 Entitlement to commence at age 60}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 10. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Members of retiring age}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8460003 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8460003 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid8460003\charrsid10292388 PART IV
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid8460003\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 11. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Protection of existing members}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  entitlement
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 12. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Verification of sum}{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 s paid
\par 13. Provision for payment
\par 14. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Taxation
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 15. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Repeal
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 16. Consequential amendments
\par 17. }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Transitional
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 -----------}{\fs24\lang2057\langfe5129\langnp2057\insrsid11810917 -----------------}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid2383999 2003, No. 13
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2383999 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid2383999 
An Act to provide for members of parliament to become members of the Cook Islands Superannuation Fund, and to rationalise the regime of benefits paid to persons under the Legislative Assembly Members}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid2383999  Superannuation Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid6975710 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2383999 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (26 June 2003
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid12589424 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 by the Parliament of the Cook Islands in session assembled in accordance with the provisions of Article 41(1) of the Constitution of the Cook Islands and by the authority of the same as follows:
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 PART I
\par PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2383999\charrsid1460956 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2383999 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 
Short Title and Commencement}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  - (1) This Act may be cited as the Members of Parliament Superannuation Act 2003.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Provided it shall have been assented to by the Queen}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s Representative on or before the 16}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid6492321\charrsid10689662 th}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10689662  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 day of any calendar month, this Act shall come into force on the 16}{
\fs24\lang2057\langfe5129\super\langnp2057\insrsid6492321\charrsid10689662 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid10689662  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
day of that calendar month and if otherwise, then on the first day of the calendar month immediately following the calendar month of assent.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Interpretation}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid1460956  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 - (1) In this Act, unless the context otherwise requires -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 annualised value}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  in relation to an
 existing benefit means the aggregate of all sums properly payable to the relevant existing beneficiary, in respect of the existing benefit, during the period 1 January, 2002 to 31 December 2002 (or in the case of an existing beneficiary who became entitl
ed to an existing benefit after 1 January 2002, the aggregate of such sums as would have been properly payable had he, instead, become so entitled on and from 1 January 2002);}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 annual rate}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the aggregate of all sums payable in respect of any retirement allowance or widow}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit payable under this Act (as the case may be) during the period 1 January to 31 December in any year;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 benefit day}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the 1}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid3481750\charrsid3481750 st}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3481750  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 and the 16}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid6492321\charrsid3481750 th}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3481750  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 day of each calendar month;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Board}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the National Superannuation Board constituted under section 4 of the Superannuation Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Clerk}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  has the meaning given to it by section 2 of the Legislative Services Act 1968-69;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 earnings}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  has the meaning given to it by section 2 of the Superannuation Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 existing beneficiary}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means a person who, as at 1 January 2003, was entitled to receive an existing benefit;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 existing benefit}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means:
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 any retiring allowance payable to a person under section 6 of the repealed Act;}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 any sum of money 
payable to a person under section 12 of the repealed Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 existing member}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 means a member of parliament duly elected, or appointed as the case may be and holding either a parliamentary seat or holding office as Speaker as at 1 January 2003;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 First Period}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the period of one month commencing on the implementation date;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Financial Secretary}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the person appointed under section 4 of the Ministry of Finance and Economic Management Act 1995-96;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Fund}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the Cook Islands National Superannuation Fund established by the Trust Deed;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 implementation date}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the date upon which this Act comes into force;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 interest rate}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means five per centum per annum (5%}{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 p.a) and, where in this Act the interest rate is applied to any rising or fluctuating balance, interest shall be deemed to be compounded with interest rests, annually, as at the 30}{
\fs24\lang2057\langfe5129\super\langnp2057\insrsid9325034\charrsid9325034 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid9325034  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 day of June in each year;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Legislative Service}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the legislative service established under the Legislative Services Act 1968-9;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 member of parliament}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means a member of parliament and any person who receives an office salary pursuant to the Civil List Act 1984;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 repealed Act}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the Legislative Assembly Members}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  Superannuation Act 1976;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 retirement allowance}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the retirement allowance to which an existing beneficiary is entitled under section 6 of this Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Second Period}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the period of six months commencing immediately after the First Period;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Superannuation Act}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the Cook Islands National Superannuation Act 2000;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Third Period}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the period of six months commencing immediately after the Second Period;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 total contributions}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  in relation to an existing beneficiary means a sum equal to the aggreg
ate of all sums payable pursuant to sections 4 and 5 of the repealed Act into the superannuation fund constituted by that Act:
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 in the case of an existing beneficiary entitled as at 1 January 2003 to receive a retiring allowance under section 6 of the repealed Act, by that person; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
in the case of an existing beneficiary entitled as at 1 January 2003 to receive an amount of money under section 12 of the repealed Act, by the member of parliament in respect of whom that amount was payable;}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Trust Deed}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the Cook Islands National Superannuation Trust Deed prepared in accordance with Section 11 of the Superannuation Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4012002 {\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 widow}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit}{\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  means the benefit to which the widow of a former member of parliament or of an existing }{\fs24\lang2057\langfe5129\langnp2057\insrsid11684561\charrsid6975710 beneficiary}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  is entitled under section 6 or 7 of this Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid4012002 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Act to Bind the Crown}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid14823733  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 - This Act shall bind the Crown.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid6975710 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4012002 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 PART II}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid10292388 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9312015 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 MEMBERS OF PARLIAMENT TO BECOME
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 CONTRIBUTORS}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid9312015\charrsid10292388  }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 TO THE FUND
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4012002\charrsid11684561 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Transfer}{
\b\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid16724382  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 of members from existing superannuation scheme to the Fund}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - (1) On and from the implementation date, every existing member shall cease contributions to the superannuation fund constituted under the repealed Act and no further subsidy shall be paid under section 5 of that Act.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 On and from the implementation 
date, every existing member (excluding only an existing member who shall have exercised the option afforded by section 10 of this Act) and every other person who shall, thereafter, become a member of parliament (including any existing beneficiary) shall b
ecome a contributor to the Fund in accordance with this Act and with the Superannuation Act.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
For the purposes of the Superannuation Act (and for no other purpose), each member of parliament shall be deemed to be an employee of the Legislative Service, 
and the Legislative Service shall be deemed to be the employer of that member of parliament and the Clerk shall, within 7 days of the implementation date, apply to the Board for registration of the Legislative Service pursuant to Section 28 of the Superan
n}{\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 uation Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid15366778 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10501881\charrsid10501881 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
On and from the implementation date, contributions shall be made in respect of the earnings of the relevant member of parliament by the Legislative Service (as if it were an employer), and by that member of parliament, (as if that member we
re an employee), in each case at a rate of 5% by the Legislative Service and at a rate of 5% by that member of parliament or at such amended rates as may from time to time be fixed pursuant to section 39(3) of the Superannuation Act and. otherwise pursuan
t to the provisions of Part IV of that Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 :}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
in the case of all existing members, with effect from the start of the first complete pay period after the implementation date;}{\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5320258 {\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 in the case of any other member of parliament, with effect from the start of the first pay period of that member;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10501881 {\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 
and except is provided by this Act both the Legislative Service and in each member of parliament shall be bound by the provisions of the Superannuation Act as if  employer and employee respectively.}{\fs24\lang2057\langfe5129\langnp2057\insrsid11684561 

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid10501881 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Transfer value of existing members}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  credits}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  - (1)}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 For the purposes of the Superannuation Act, the superannuation fund constituted by the repealed Act shall be deemed to be }{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 an existing superannuation fund}{\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  but notwithstanding the provisions of section 38(2) of the Superannuation Act, the transfer value of each existing member}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s credit (if any) in. the superannuation fund constituted by the repealed Act shall be calculated and dealt with in the manner provided by this section.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Subject to subsection (4), all sums paid, or payable, into the superannuation fund constituted by 
the repealed Act pursuant to section 5 of that Act in respect of an existing member shall, within 30 days of the implementation date be transferred to the Fund together with interest calculated at the interest rate. Thereafter that sum shall be deemed, fo
r
 all purposes to be, as to 50% to be a contribution made by that existing member as if he were an employee, and as to 50% by the Legislative Service as if it were an employer and in each case pursuant to section 39 of the Superannuation Act and shall be d
eemed, for the purposes of the Trust Deed, to be mandated employee contributions and mandated employer contributions respectively, in each case credited to the compulsory account of that existing member.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 Subject to subsection (4), all sums paid into th
e superannuation fund constituted under the repealed Act pursuant to section 4 of that Act shall be paid to that existing member together with interest calculated at the interest rate:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 as to 50%, within seven days of the implementation date; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
as to the balance (together with such further sum by way of interest on that balance, calculated at the interest rate, for the period between the date of payment of the amount referred to in the preceding paragraph (a) and the date of payment of that bala
nce), not later than one year following the implementation date.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
If an existing member shall, prior to the implementation date, have received any sum pursuant to the provisions of the repealed Act, then the amounts to be transferred and paid under subs
ections (2) and (3), respectively shall abate, equally, to such extent as the Financial Secretary shall determine as equitable in the circumstances, having regard to the sum received and the date of its receipt.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15009125 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid10292388 PART III
\par EXISTING BENEFICIARIES
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Benefits established}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - (1) On and from the implementation date, no person shall have any further right or entitlement to receive either a retiring allowance or any other sum under the repealed Act. Each existing beneficiary shall, instead, be entitled, only durin
g his or her lifetime:}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 in the case of an existing beneficiary who is a retired member of parliament, to receive a retirement allowance; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 in the case of an existing beneficiary who is the widow of a member of parliament, to receive a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
\par (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 The retirement allowances and the widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefits established by this Act are benefits, in each case:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 which shall be calculated at an annual rate calculated in accordance with the provisions of subsections (3) and (4);
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 the recipient}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
s entitlement to which shall be deemed to accrue from week to week and to be pa}{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 yable twice monthly in advance;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
the first payment of which shall be made either (in the case of an existing beneficiary who has attained the age of 60 years on or before the implementation date) on the implementation date or (in every other case) on the first benefit day following the 6
0th birthday of that existing beneficiary;}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 subsequent payments of which shall be made on the first and the sixteenth day of each calendar month.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
If the annualised value of the existing benefit of an existing beneficiary is $10,000.00 or less, then, subject to the terms of this Act, that existing beneficiary shall be entitled to receive a retirement allowance or a widow}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit (as the case may be) at an annual rate equal to the annualised value of the existing benefit of that existing beneficiary
.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
In every other case an existing beneficiary shall, subject to the provisions of subsection (5) be entitled to receive a retirement allowance (or, as the case may be, a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit), at the annua}{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 l rate which is the greatest of}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 :-}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 25% of the annualised value of the existing benefit of that existing beneficiary; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 8% of an amount equal to the total contributions of that existing beneficiary (after deducting any sum paid out to or in respect of that existing beneficiary under section 10 of 
the repealed Act) together with interest calculated at the interest rate to the date of final retirement of the member of parliament (prior to the implementation date) in respect of whom the entitlement of the existing beneficiary arises; or}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (c) $10,000.00.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
The provisions of subsection (4) shall not have effect in respect of an existing beneficiary to whom that subsection applies until that beneficiary shall have received the sums to which that beneficiary is entitled under this subsection, which shal
l be by way of retirement allowance (or, as the case may be widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit):}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 during the First Period, on each benefit day, a sum which is equal to 1/24th of the annualised value of the existing benefit of that existing beneficiary;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 during the Second Period, on each benefit day a sum wh}{\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 ich is 1/24th of the greater of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 :
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 75% of the annualised value of the existing benefit of that existing beneficiary; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15009125 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (ii)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 the annual rate of the retirement allowance (or, as the case may be, widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit) to which that existing beneficiary would otherwise be entitled pursuant to subsection (4);}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2891297 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 and if the former is greater (but not otherwise) -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid15009125\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 (c) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
during the Third Period, on each benefit day a sum wh}{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 ich is 1/24th of the greater of}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 :}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (i)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 50% of the annualised value of the existing benefit of that existing beneficiary; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 (ii) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
the annual rate of the retirement allowance (or, as the case may be, widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
s benefit) to which that existing beneficiary would otherwise be entitled pursuant to subsection (4).
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Widow}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 s Benefit}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - (1) Subject to subsection (3), in the event of the death of an existing beneficiary the widow of that existing beneficiary shall be paid a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit which shall be of an annual rate which is equal to the lesser of:}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 50% of the annualised value of the existing benefit of that existing beneficiary as at 1 January 2003; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
the annual rate of the benefit which would have been payable to that existing beneficiary under either section 6(3) or section 6(4) had he not died}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 .}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Subject to subsection (3), if that existing beneficiary would have been entitled to benefits under section 6(4) and if his widow is entitled, under subsection (1), to a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit under paragraph (b) of that subsection, that widow shall, 
before becoming entitled to receive the benefit under that paragraph be entitled to payment of a benefit payable at the times specified and at 50% of the rates provided for, in section 6(5).}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
The entitlement of any widow under section 6 (as an existing beneficiary) or under subsections (1) or (2) of this section shall be paid only during her lifetime or until remarriage.
\par 
\par 8.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 Op}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 t-out for recent beneficiaries}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - An existing beneficiary who became entitled to an existing benefit on or after 23 March 1999 (or where section 7 applies, his widow) may, subject to the provisions of this Act, by notice in writing to the Clerk (such notice to be received on or before 
4.00pm on the 25}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid348080\charrsid348080 th}{\fs24\lang2057\langfe5129\langnp2057\insrsid348080  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
day following the implementation date) require that in lieu of receiving the benefits provided for under sectio
n 6 of this Act (or in the case of a widow of an existing beneficiary, the benefits provided for under section 7), that existing beneficiary (or his widow as the case may be) instead receive payment of a sum, in cash, which is equal to the difference betw
e
en the total contributions attributable to that existing beneficiary and the aggregate value of all monies received under the repealed Act by that existing beneficiary (or, as the case may be, the spouse of that existing beneficiary) down to the date of e
xercise of that option, together with interest calculated at the interest rate and where such notice is given, that sum shall be paid to the existing beneficiary within thirty days of the implementation date.
\par 
\par }\pard \ql \li0\ri0\widctlpar\tx4536\faauto\adjustright\rin0\lin0\itap0\pararsid14823733 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Entitlement to commence at age 60}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  - Neither 
an existing beneficiary who is under the age of 60 years nor (in the event of the death of that existing beneficiary) his widow shall be entitled to the payment of any benefit under this Act until that existing beneficiary shall have attained (or would ha
ve attained if not having died sooner) the age of 60 years, whereupon that existing beneficiary (or as the case may be his widow) shall be entitled to receive a retirement allowance (or a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s benefit) on and from the first benefit day following that existing beneficiary}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 s 60}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid9067852 t}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid9067852\charrsid9067852 h}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9067852  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 birthday. Such an existing beneficiary (or his widow) shall nevertheless be entitled to receive during the First Period, on each benefit day, a sum which is equal to 1/24th of the annualised value of the existing benefit of that existing beneficiary.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9067852 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid9067852\charrsid10292388 PART IV
\par MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9067852 {\fs24\lang2057\langfe5129\langnp2057\insrsid9067852 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 10.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 Members of retiring age}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - (1) Any existing member who, as at the implementation date, is aged 60 years or over may, by notice in writing to the Clerk, (such notice to be received on or before 4.00pm on the 25}{\fs24\lang2057\langfe5129\super\langnp2057\insrsid9067852 th}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 day following the implementation date) require that the sum which would otherwise be transferred to the Fund pursuant to section 5(2) of this Act instead be paid to that existing member in lieu of his becoming a member of the Fund and where such notice
 is given that sum shall be paid to that existing member within thirty days of the implementation date.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Where any existing member to whom subsection (1) applies is paid the sum which would otherwise be transferred to 
the Fund under section 5(2) of this Act, that person shall thereafter not be a member of the Fund nor shall he be entitled to become a member of the Fund, and accordingly section 4(2),(3) and (4) shall cease to apply to that person and he shall be deemed 
not to be an employee for the purposes of the Superannuation Act (whether in respect of parliamentary service or any other form of employment or self-employment).
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
Notwithstanding the provisions of the Superannuation Act, the Clerk shall, in respect of 
each existing member to whom this section applies, retain the contributions both of that member and of the Legislative Service which are attributable to the pay period commencing on the implementation date (and, if necessary, attributable to the pay perio
d
 next following) and shall not pay those sums to the Fund until the Clerk is satisfied that the member does not wish to exercise the option afforded him under this section, either by reason of the expiry of the 25 day period referred to in this section, o
r
 by that member, prior to the expiry of that period advising the Clerk, in writing, of his intention not to exercise that option. In either such case, the Clerk shall thereafter effect payment to the Fund in the manner contemplated by the Superannuation A
ct. In any other case, the Clerk, for the Legislative Service, shall retain the contributions of the Legislative Service and shall disburse to that member those contributions of that member previously deducted.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 11.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Protection of existing members}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 '}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  entitlement}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
 - The entitlement of an existing member:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 to receive the sums provided for under section 5(3) of this Act and to have transferred to the Fund the sums provided for under section 5(2) of this Act; and}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 in the case of an existing member to whom the provisions of section 10 of this Act apply, to exercise the option conferred by and receive the sum provided for under that section -
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 shall not be affected by the death of that existing member and those sums shall instead form part of the estate of that
 deceased existing member and accordingly be payable to the personal representatives of that deceased existing member and if the time provided for exercise of the option conferred by section 10 of the Act shall not have expired, that option may be exercis
ed, for the estate of that deceased member, by those personal representatives.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 12.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Verification of sums paid}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  - (1) It shall be the duty of the Financial Secretary to take steps immediately to:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 verify the sums paid and payable under the repealed Act for the purposes of calculating the allowances and sums payable to any person under this Act; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 calculate the allowances and sums payable to any person under this Act for the purposes of assisting the Clerk in the discharge of his obligations under this Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (2) Any determination made by the Financial Secretary under this section shall }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 be conclusive }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 and shall be binding upon all persons and for all purposes save in the case of}{\fs24\lang2057\langfe5129\langnp2057\insrsid348080  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 manifest error.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 
No proceedings in any court in respect of a determination made by the Financial Secretary under subsection (1)(a) or (b) may be brought after the expiratio
n of one year from the date upon which the determination was first notified to the relevant person referred to in subsection (1) or, if that person shall be deceased, his or her personal representative.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 13.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Provision for payment}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  - All allowances and other sums payable under this Act shall be paid without further appropriation than this section from the Cook Islands Government Account.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 14.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Taxation}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  - Every sum payable to any person under this Act shall be exempt income within the meaning of the Income Tax Act 1997.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 15.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Repeal}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  - The Legislative}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  Assembly Members}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  Superannuation Act 1976 is hereby repealed.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 16.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Consequential amendments}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  -The Civil List Act 1984 is amended by -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 omitting from sections 8(4) and 9(6), the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 a 
retiring allowance under the Legislative Assembly Members}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  Superannuation Act 1976}{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388  and substi}{\fs24\lang2057\langfe5129\langnp2057\insrsid13659677\charrsid10292388 tuting in each case the words }{
\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 either a retirement allowance or a widow}{\fs24\lang2057\langfe5129\langnp2057\insrsid10292388\charrsid10292388 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 s benefit under the Members of Parliament Superannuation Act 2003}{\fs24\lang2057\langfe5129\langnp2057\insrsid16452181 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 ; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid10292388 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 repealing section 30.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 
\par 17.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 Transitional}{\fs24\lang2057\langfe5129\langnp2057\insrsid6975710\charrsid10292388  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid10292388 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710  Nothing in section 37(1) of the Superannuation Act applies to an existing member.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6492321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid348080 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080 ---------------------------------------------
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6975710 {\fs24\lang2057\langfe5129\langnp2057\insrsid348080\charrsid6975710 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid348080 {\fs24\lang2057\langfe5129\langnp2057\insrsid6492321\charrsid6975710 This Act shall be administered by the Ministry of Finance and Economic Management.
\par }}