47D   Benefits payable in respect of reduced value units

(1)  Subject to this section, pensions are payable in respect of reduced value units as if they were contributory units.

(2)  Notwithstanding anything in this or any other Act, but subject to this section, the sum of $3.30 per fortnight shall, in respect of reduced value units, be the unit of pension.

(3)  Where a pension becomes payable under section 28A to a contributor:

(a)  the fortnightly pension, payable to the contributor in respect of a reduced value unit that is allocated to the contributor and that the contributor is deemed by section 47C (6) to have held for not less than 2 years and 6 months, shall be the amount that bears to $3.30 the same proportion as the fortnightly pension that would be payable in respect of that unit had it been a contributory unit bears to $5.50, and

(b)  pension is not payable to the contributor in respect of a reduced value unit that is allocated to the contributor and that the contributor is deemed by section 47C (6) to have held for less than 2 years and 6 months.

(4)  Where a pension becomes payable under section 29 (2) in respect of contributory units for which a contributor has contributed, the fortnightly pension payable in respect of each of the contributor’s reduced value units shall be the amount that bears to $3.30 the same proportion as the fortnightly pension payable in respect of each of those contributory units bears to $5.50.

(5), (6)  (Repealed)

(7)  The pension payable in respect of reduced value units is subject to automatic adjustment in accordance with Division 6.

(8)  If STC has made a determination under section 61RA in relation to a pension payable in respect of reduced value units, the amount of the pension is reduced by the amount specified in STC’s determination.