Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:1_96aa
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 1 cl 96AA
Character Range: 35168–35791

96AA  Lump sum instead of spouse's pension

 (1) If the annual rate at which spouse's pension is payable to a person under subsection 96(2A) 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 becomes payable, by notice in writing to the Board, elect to commute that pension 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 pension, a lump sum of an amount determined in writing by the Board after consultation with an actuary.