Document ID: chunk:federal_register_of_legislation:C2022C00264:section:62:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: section
Provision Reference: s 62 (pt 1/3)
Character Range: 192165–194671

62  Election for lump sum benefit in case of involuntary retirement
 (1) Where a person who ceases, or is about to cease, to be an eligible employee by reason of early retirement is deemed, or will, upon so ceasing, be deemed, by subsection 58(3), or by section 58A or 58B, to have retired involuntarily, the person may, not later than 3 months after, and not earlier than 3 months before, the day on which he or she so ceases to be an eligible employee, elect by notice in writing to CSC, that, in lieu of pension and lump sum benefit being payable under section 55 or 59, benefit be paid under this section.
 (2) Subject to subsection (2CA) and section 62B, if a person who ceases to be an eligible employee before 1 July 2000 makes an election under subsection (1), the person is entitled, in lieu of pension and lump sum benefit to which, if the election had not been made, the person would be entitled under section 55 or 59, to payment of:
 (a) if paragraph (b) does not apply, a lump sum benefit equal to the sum of:
 (i) 3.5 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 had, at any time before ceasing to be an eligible employee, received a partial invalidity pension, a lump sum benefit equal to the sum of:
 (i) the amount worked out using the formula:

  ; and

 (ii) the amount of the person's accumulated supplementary contributions (if any).
 (2A) Subject to subsection (2CA) and section 62B, if a person who ceases to be an eligible employee on or after 1 July 2000 makes an election under subsection (1), subsection (2B) or (2C) has effect.
 (2B) If the person has reached the age of 55 years at the time when he or she ceases to be an eligible employee and provides CSC with a statement to the effect that he or she has retired from the workforce upon so ceasing, the person is (subject to subsection (2CA)) entitled, in lieu of pension and lump sum benefit to which, if the election had not been made, the person would be entitled under section 55 or 59, to payment of:
 (a) if paragraph (b) does not apply, a lump sum benefit equal to the sum of:
 (i) 3.5 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 had, at any time before ceasing to be an eligible employee, received a partial invalidity pension, a lump sum benefit equal to