Document ID: chunk:federal_register_of_legislation:C2022C00264:section:68:p2
Version: federal_register_of_legislation:C2022C00264
Segment Type: section
Provision Reference: s 68 (pt 2/2)
Character Range: 220274–221654

percentage of the person's final annual rate of salary as, having regard to that number of years, is applicable in accordance with columns 1 and 3 of Schedule 4; or
 (b) if that period of prospective service consists of a number of complete years and a part of a year—such percentage of the person's final annual rate of salary as is ascertained in accordance with the formula:

  ;

  where:
           P1 is the percentage referred to in paragraph (a); and
           D is the number of days included in that part of a year; and
           P2 is equal to:
 (i) if the person's period of prospective service is not less than 20 years—1; or
 (ii) if the person's period of prospective service is less than 20 years—2.
 (4A) If:
 (a) a person makes an election under subsection (1); and
 (b) the person's surcharge debt account is in debit when invalidity pension becomes payable to the person; and
 (c) the person does not make an election under section 80B;
the annual rate of the pension to which the person is entitled is the rate worked out as provided in subsection 80D(1).
 (5) Where a person makes an election under subsection (1), the lump sum benefit to which the person is entitled is an amount equal to the person's accumulated contributions.
 (6) A person who makes an election under section 69 is not entitled to make an election under subsection (1) of this section.