New South Wales Consolidated Acts

COAL AND OIL SHALE MINE WORKERS (SUPERANNUATION) ACT 1941 - SECT 19BA

19BA Conversion of subsidy payments into lump sum

(1) A mine worker who has been awarded a subsidy under this Part may elect to be paid, instead of weekly payments, a lump sum in accordance with this section.

(2) As soon as practicable after awarding a subsidy to a mine worker, the Corporate Trustee must send to the mine worker a notice in writing advising the mine worker of:

(a) the mine worker’s right to elect to be paid a lump sum, and

(b) the amount of the lump sum, and

(c) the conditions applicable to its payment.

(3) An election by a mine worker to be paid a lump sum:

(a) must be made in a form approved by the Corporate Trustee, and

(b) must be received in the office of the Corporate Trustee not later than 4 months after the mine worker is notified under subsection (2) of the right to make the election.

(4) If an election is not received in the office of the Corporate Trustee by the due date because of any mistake, unavoidable delay or other good cause, the Corporate Trustee may accept the election subject to such conditions as it thinks fit.

(5) An election takes effect on such date as the Corporate Trustee determines.

(6) The amount of the lump sum to be paid to a mine worker:

(a) shall be determined by the Corporate Trustee after taking into consideration the advice of an actuary appointed for the purpose by the Corporate Trustee, and

(b) shall be the amount which, having regard to the life expectancy of the mine worker and other relevant factors at the date of the determination, fairly represents, in the opinion of the Corporate Trustee, the equivalent of the future weekly payments that would have been payable to or in respect of the mine worker if the mine worker had not elected to be paid a lump sum.

(7) If a lump sum is paid to a mine worker under this section instead of weekly payments of subsidy:

(a) the weekly payments do not become payable to the mine worker, or cease to be payable to the mine worker, as the case requires, and

(b) a pension is not payable under the AUSCOAL Rules on the death of the mine worker.

(8) If a mine worker who makes an election under this section dies before payment of the lump sum is made, the Corporate Trustee shall pay the lump sum to the personal representative of the deceased.