Document ID: chunk:federal_register_of_legislation:F2011C00507:reg:136:p2
Version: federal_register_of_legislation:F2011C00507
Segment Type: reg
Provision Reference: reg 136 (pt 2/18)
Character Range: 19394–22321

day, was a contributor to, or was liable to contribute to, the Provident Account established under the superseded Act.
                 '(2) A reference in this Act to the adjusted final salary amount in relation to a person who is, or has been, an approved part-time employee is a reference to:
                    (a) the amount calculated in accordance with the following formula:

                    (b) the amount calculated in accordance with the following formula:

                 whichever is the greater amount, where:
                 A is an amount equal to the person's final annual rate of salary.
                 B is the number of complete years included in the person's period of contributory service, within the meaning of the Superannuation (Approved Part-time Employees) Regulations.
                 C is the number of complete years included in the person's period of employment within that meaning.
                 D is the number of days in the person's period of contributory service within that meaning.
                 E is the number of days in the person's period of employment within that meaning.'.
                 '197 (1) Where a person ceases, or is about to cease, to be a prescribed eligible employee:
                    (a) on or after attaining the age of 65 years, otherwise than by reason of death; or
                    (b) on or after attaining the age of 60 years, but before attaining the age of 65 years, otherwise than by reason of death or retirement on the ground of invalidity before attaining his maximum retiring age,
                 then, subject to subsection (4), the person may, not later than 3 months after but not earlier than 3 months before the day immediately succeeding his last day of service, elect, by notice in writing to the Commissioner, that in lieu of benefit being payable under subsection 55 (1) or (2), as the case may be, lump sum benefit be payable under subsection (2) of this section and, where he has paid supplementary contributions, an additional lump sum benefit be payable in accordance with subsection (3) of this section.
                 '(2) Subject to section 223, where a person makes an election under subsection (1) of this section, the person is entitled, in lieu of pension and lump sum benefit to which, but for the election, he would be entitled under subsection 55 (1) or (2), as the case may be, to payment of a lump sum benefit of:
                    (a) except where paragraph (b) applies — an amount equal to whichever is the greatest of:
                        (i) 3 times the person's accumulated basic contributions; or
                        (ii) in the case of a person who is, or has been, an approved part-time employee — the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
                        (iii) in any other case — one half of the amount per annum of the person's