Document ID: chunk:federal_register_of_legislation:C2004A04205:body:0:p20
Version: federal_register_of_legislation:C2004A04205
Segment Type: other
Provision Reference: 
Character Range: 50570–53305

benefit becomes payable in respect of a person to whom paragraph (1) (d) applies; and

        (b)     the person does not provide the Commissioner with a statement mentioned in that paragraph;

     the benefit:

        (c)     if the amount of the benefit is less than $500—is payable to the person; or

        (d)     if the amount of the benefit is $500 or more—must, in accordance with a nomination made by the person:

             (i) by preserved in a preservation fund nominated by the person; or

             (ii) be applied to the purchase of a deferred annuity nominated by the person.";

    (d)    by inserting in subsection (5) "or (4a) (c)" after "paragraph (4) (c)";

    (e)     by inserting in subsection (6) "or (4a) (d)" after "paragraph (4) (d)";

    (f)      by inserting in subsection (7) "or (4a) (d)" after "paragraph (4) (d)";

    (g)     by omitting from subsection (8) "subsection (1) or (4)" and substituting "subsection (1), (4) or (4a)";

  (h) by omitting subsection (9).

36. After section 110s of the Principal Act the following Part is inserted:

            "PART VIb—POSTPONEMENT OF BENEFITS OF RETIREMENT PENSIONERS

Circumstances in which benefits may be postponed

  "110t. (1) A person who is, or is about to become, a person who:

    (a)     has attained his or her minimum retiring age but has not attained the age of 65 years; and

  (b)     has become entitled to benefits under section 55 or 59;

may, not later than 3 months after but not earlier than 3 months before becoming such a person, by notice in writing given to the Commissioner, elect that this Part apply to him or her.

"(2) An election under subsection (1) is only valid if the person provides the Commissioner, not later than 3 months after, but not earlier than, the day on which the person becomes a person mentioned

in that subsection, with a statement to the effect that he or she has not retired from the workforce.

Effect of election

"110ta (1) If a person makes an election under section 110t, payment to the person of:

    (a)     standard age retirement pension or standard early retirement pension, as the case may be, to which the person is, or is about to become, entitled; and

    (b)     any productivity benefit which is, or is about to become, payable in respect of the person under section 110p;

is postponed until a date worked out under section 110tb.

"(2) If a person who makes an election under section 110t specifies in that election that payment of the additional age retirement pension or additional early retirement pension, as the case may be, to which the person is, or is about to become, entitled, is to be postponed, payment of that pension is postponed until a date worked out