Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:1_95a
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 1 cl 95A
Character Range: 33843–34815

95A  Lump sum instead of spouse's standard pension etc.

 (1) If:
 (a) the annual rate at which spouse's standard pension is payable to a person under subsection 94(2A); or
 (b) if the person is entitled to spouse's additional pension under subsection 95(1B)—the combined annual rate of the spouse's standard pension and the spouse's additional pension payable to the person;
is less than the annual rate determined in writing by the Board for the purposes of this section, the person may, not later than 3 months after the pension or pensions become payable, by notice in writing to the Board, elect to commute the pension or pensions into a lump sum benefit payable to him or her.

 (2) If the person makes the election, there is payable to the person, instead of spouse's standard pension, or spouse's standard pension and spouse's additional pension (as the case may be), a lump sum of an amount determined in writing by the Board after consultation with an actuary.