Document ID: chunk:federal_register_of_legislation:C2004A04907:body:0:p13
Version: federal_register_of_legislation:C2004A04907
Segment Type: other
Provision Reference: 
Character Range: 31129–33756

July 2000 makes an election under subsection (1), subsection (2B) or (2C) has effect.

"(2B) If the person has reached the age of 55 years at the time when he or she ceases to be an eligible employee and provides the Board with a statement to the effect that he or she has retired from the workforce upon so

SCHEDULE 2—continued

ceasing, the person is entitled, in lieu of pension and lump sum benefit to which, if the election had not been made, the person would be entitled under section 55 or 59, to payment of:

    (a) if paragraph (b) does not apply, a lump sum benefit equal to the sum of:

        (i) 3.5 times the amount of the person's accumulated basic contributions; and

        (ii) the amount of the person's accumulated supplementary contributions (if any); or

    (b) if the person had, at any time before ceasing to be an eligible employee, received a partial invalidity pension, a lump sum benefit equal to the sum of:

         (i) the amount worked out using the formula:

; and

        (ii) the amount of the person's accumulated supplementary contributions (if any).

"(2C) If the person has not reached the age of 55 years at the time when he or she ceases to be an eligible employee or has not provided the Board with a statement to the effect that he or she has retired from the workforce upon so ceasing, the person is entitled, in lieu of pension and lump sum benefit to which, if the election had not been made, the person would be entitled under section 55 or 59:

    (a) to have an amount equal to the lump sum benefit mentioned in subsection (2B) paid into a preservation fund nominated by the person or applied to the purchase of a deferred annuity nominated by the person; or

    (b) to payment of an amount equal to the amount of the person's accumulated contributions and to have an amount equal to the balance of the lump sum benefit mentioned in subsection (2B) paid into a preservation fund nominated by the person or applied to the purchase of a deferred annuity nominated by the person.

"(2D) In this section:

'Actual contributions', in relation to a person, means the person's accumulated basic contributions;

'Notional contributions', in relation to a person, means the amount that would have been the person's accumulated basic contributions if, during the period in respect of which partial invalidity pension was paid, the person's basic contributions had been paid at the rate at which they would have been paid if:

SCHEDULE 2—continued

    (a) in respect of a partial invalidity pension paid under section 77—the person's annual rate of salary on the day on which