SUPERANNUATION ACT 1976 - SECT 57 Rate of additional age retirement pension and amount of lump sum benefit

SUPERANNUATION ACT 1976 - SECT 57

  (1AA)   This section does not apply to a person who makes an election under subsection   57AA(1).

  (1)   Where a person is entitled to additional age retirement pension by virtue of section   55, then, subject to subsection   (1A), the annual rate of that pension is:

  (a)   an amount per annum equal to the amount (in this section referred to as the base amount ) that is the product of his or her accumulated contributions and such factor as, having regard to his or her age on his or her last day of service and such other matters (if any) as are prescribed, is applicable to him or her in accordance with regulations made for the purposes of this paragraph; or

  (b)   if the rate ascertained in accordance with paragraph   (a) of this subsection is greater than 20 per centum of his or her final annual rate of salary--20 per centum of his or her final annual rate of salary.

  (1A)   If:

  (a)   a person is entitled to additional age retirement pension by virtue of section   55; and

  (b)   the person's surcharge debt account is in debit when the pension becomes payable to the person; and

  (c)   the person makes an election under section   80C;

the annual rate of that pension is the rate worked out as provided in subsection   80D(2).

  (2)   Where the base amount is greater than an amount (in this subsection referred to as the maximum amount ) equal to 20 per centum of the amount per annum that is his or her final annual rate of salary, there shall be paid to him or her a lump sum benefit equal to the amount by which his or her accumulated contributions exceed an amount ascertained by dividing the maximum amount by the factor referred to in paragraph   (1)(a).