New South Wales Consolidated Acts

JUDGES' PENSIONS ACT 1953 - SECT 12

12 Commutation of pensions for payment of superannuation contributions surcharge

(1) A retired judge who is entitled to a pension under this Act may elect to have part of the pension commuted to a lump sum for the purposes of payment of a liability for superannuation contributions surcharge arising because of that entitlement.

(2) A person (other than a retired judge) who is entitled to a pension under this Act may elect to have part of the pension commuted to a lump sum for the purposes of payment of a liability for superannuation contributions surcharge arising in relation to:

(a) a judge who has died, or

(b) a retired judge who died without making an election under subsection (1) and before the period applicable to the retired judge for making such an election ended.

(3) An election:

(a) may relate to the whole or part of an outstanding liability for superannuation contributions surcharge, and

(b) must be made in writing to the Minister not later than 2 months after the liability to pay the amount of the superannuation contributions surcharge arises, or within such further period as the Minister may allow.

(4) If an election is made by a retired judge, the Minister is to cause the amount of the lump sum to be paid to the retired judge.

(5) If an election is made by a person other than a retired judge, the Minister may cause the amount of the lump sum to be paid to the person, but only if satisfied that the lump sum is to be applied towards payment of the superannuation contributions surcharge.

(6) On payment of a lump sum, the pension otherwise payable from time to time under this Act to the person is to be reduced.

(7) The amount of the reduced pension is to be calculated in accordance with the regulations.

(8) A pension may be commuted only to the extent necessary to meet the liability for superannuation contributions surcharge.

(9) The Minister may, by signed instrument, delegate to a person prescribed by the regulations any of the Minister’s functions under subsection (3) or (4).