New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 29

29 Alternative benefits for widow

(1) This section applies to a widow to whom, except to the extent that she otherwise elects under this section, a lump sum benefit is payable under section 28.

(2) Where a widow to whom this section applies so elects in relation to the whole or part of the lump sum benefit to which, but for the election and the operation of this section, she would be entitled under section 28 there shall be paid to her from the Fund instead of the lump sum benefit or part thereof to which the election relates:

(a) in the case of a widow aged fifty years or more:

(i) a pension for herself for life on and from the day that next succeeds the death of the contributor, or

(ii) a pension for herself for life on and from the day that next succeeds the death of the contributor with an increase of ten per centum in the amount thereof at the expiration of the period of three years that next succeeds the first payment of pension and at the expiration of each succeeding period of three years, each such increase being calculated by reference to the rate at which the first payment of pension was made, or

(b) an annuity certain for a term of five years on and from the day that next succeeds the death of the contributor.

(3) A widow to whom a pension referred to in subsection (2) (a) is being paid may, at any time, elect to commute the whole or part of that pension and, upon such an election taking effect there shall be paid to the widow from the Fund, instead of the pension or part thereof to which the election relates, an amount of lump sum benefit determined by the Board to be the actuarial equivalent of the pension or part thereof to which the election relates.

(4) The amount of pension or annuity payable pursuant to an election under subsection (2) is the amount determined by the Board to be the actuarial equivalent of the lump sum benefit, or part thereof, to which the election relates, regard being had to any increase of pension to which the election relates.

(5) Where the recipient under this Act of an annuity certain dies before the expiration of the term of the annuity, the Board may pay to the person entitled to receive payment of the annuity a lump sum that is the actuarial equivalent of payment of the annuity for the balance of the term thereof.

(6) An election under subsection (2) or (3) has no force or effect if the person who made the election dies before the election takes effect.

(7) This section does not authorise the commutation of the amount of any increase of pension payable under Part 4A.