Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 24

24. Section 62 of the Principal Act is amended:
(a) by omitting from subsection (1) "a lump sum";

   (b)  by inserting in subsection (2) "being a person who ceases to be an
eligible employee before 1 July 2000," after "under subsection (1),";

   (c)  by inserting after subsection (2) the following subsection:

"(2A) Where a person makes an election under subsection (1), being a person
who ceases to be an eligible employee on or after 1 July 2000, the person is
entitled, instead of pension and lump sum benefit to which, but for the
election, the person would be entitled under section 55 or 59:

   (a)  if the person has attained the age of 55 years at the time he or she
        ceases to be an eligible employee and provides the Commissioner with a
        statement to the effect that he or she has retired from the workforce
        upon so ceasing - to payment of a lump sum benefit equal to the sum
        of:

   (i)  3 1/2 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 has not attained that age or provided the Commissioner
        with such a statement - to have either of the following subparagraphs
        apply as specified in his or her election under subsection (1):

   (i)  to have an amount equal to the lump sum benefit mentioned in paragraph
        (a) paid into a preservation fund nominated by the person or applied
        to the purchase of a deferred annuity selected by the person; or

   (ii) to payment of an amount equal to the amount of the person's
        accumulated contributions and to have an amount equal to the balance
        of the lump sum benefit mentioned in paragraph (a) paid into a
        preservation fund nominated by the person or applied to the purchase
        of a deferred annuity selected by the person.".