New South Wales Consolidated Acts

LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 15BUF

15BUF Minimum lump sum benefit payable to widow or widower

(1) Where the widow of a former contributor who became a contributor under section 15AO, 15AP or 15AR, or who became a contributor under section 15AQ but is not a former contributor referred to in subsection (2), elects to be paid a lump sum instead of the whole of her pension, or the widower of such a former contributor elects to be paid a lump sum instead of his pension, the board shall pay to the widow or widower, as the case may be, instead of the benefits that, but for this section, would otherwise be payable, a lump sum equal to:

(a) the sum of:

(i) the amount calculated under section 15BUD or, as the case may require, section 15BUE, in relation to the widow or widower, and

(ii) the amount of any benefit that, but for this subsection, would be payable to the widow or widower under section 15BM (2), or

(b) the sum of:

(i) the notional accumulation for the former contributor, and

(ii) the amount of any benefit that, but for this subsection, would be payable under section 15BM (2) (a),

whichever the widow or widower specifies in the election.

(2) Where the widow of a former contributor who became a contributor under section 15AQ is entitled to additional death benefits under Part 3B or full additional death benefits under this Part and elects to be paid a lump sum instead of the whole of her pension, or the widower of such a former contributor is so entitled and elects to be paid a lump sum instead of his pension, the board shall pay to the widow or widower, as the case may be, instead of the benefits that, but for this section, would otherwise be payable, a lump sum equal to:

(a) the sum of:

(i) the amount calculated under section 15BUD or, as the case may require, section 15BUE, in relation to the widow or widower, and

(ii) the amount of any benefit that, but for this subsection, would be payable to the widow or widower under section 15BM (2), or

(b) the sum of:

(i) the notional accumulation for the former contributor,

(ii) the amount of any benefit that, but for this subsection, would be payable under section 15BM (2) (a), and

(iii) the amount calculated in accordance with the following formula:

"A" represents the amount to be calculated,
"M" represents the number under the heading “Multiplier of salary” in Schedule B opposite the age specified in years in that Schedule that was the age of the former contributor at the time of death, and
"S" represents:

(a) where the former contributor contributed to the Pension Fund at the rate of 2 per cent of salary-four-sevenths of the former contributor’s final salary,

(b) where the former contributor contributed to the Pension Fund at the rate of 3 per cent of salary-six-sevenths of the former contributor’s final salary, or

(c) in any other case-the former contributor’s final salary,

whichever the widow or widower specifies in the election.

(3) A pension under section 15BP is not payable to a widow or widower who elects to be paid the lump sum referred to in subsection (1) (b) or (2) (b).