Document ID: chunk:federal_register_of_legislation:C2004A04205:body:0:p10
Version: federal_register_of_legislation:C2004A04205
Segment Type: other
Provision Reference: 
Character Range: 25469–28213

entitled under section 55 or 59:

        (a) if the person has attained the age of 55 years at the time he or she ceases to be an eligible employee and provides the Commissioner with a statement to the effect that he or she has retired from the workforce upon so ceasing—to payment of a lump sum benefit equal to the sum of:

             (i) 3½ 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 has not attained that age or provided the Commissioner with such a statement—to have either of the following subparagraphs apply as specified in his or her election under subsection (1):

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

             (ii) 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 paragraph (a) paid into a preservation fund nominated by the person or applied to the purchase of a deferred annuity selected by the person.".

Election to commute

25. Section 64 of the Principal Act is amended by adding at the end the following subsection:

"(2) If a pension to which this Division applies becomes, or is about to become, payable on a date worked out under section 110tb to a person who elected to postpone payment of that pension under Part VIb, the person may, not later than 3 months after but not earlier than 3 months before, the pension becomes so payable, make, by notice in writing to the Commissioner, an election to commute that pension into a lump sum benefit payable to him or her.".

Reduction of invalidity pensions because of earnings

26.     Section 73a of the Principal Act is amended by omitting "annual rate of salary" from paragraph (b) of the definition of "relevant maximum rate" in subsection (1) and substituting "final annual rate of salary".

27.     After section 73a of the Principal Act the following section is inserted:

Reduction of invalidity pensions because of pre-assessment payments

  "73b. Where:

    (a)     a person is entitled to receive payments of a kind mentioned in section 54l (in this section called 'pre-assessment payments'); and

    (b)     the person is retired on the ground of invalidity with effect from a day occurring during the period of the person's entitlement to pre-assessment payments;

the person is entitled to invalidity pension in respect of a pension pay day immediately preceding a contribution day occurring during