New South Wales Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1971 - SECT 27A

27A Power of trustees to adjust benefits to comply with certain standards relating to superannuation

(1) If:

(a) a member or former member becomes entitled to receive a pension under this Act, other than a pension under section 22, and

(b) payment of the pension to the member or former member would, but for this subsection, not be consistent with relevant Commonwealth superannuation standards,

the member or former member may, by notice in writing given to the trustees before the pension starts to be paid, elect to receive the pension:

(c) in a form that complies with those standards, or

(d) in a form that is in accordance with this Act (apart from this section).

(2) Even after such a pension has started to be paid to a member or former member in a form that is not consistent with relevant Commonwealth superannuation standards, the member or former member is, by notice in writing given to the trustees, entitled to make an election or a further election to receive payment of the pension in a form that is consistent with any relevant Commonwealth superannuation standards.

(3) An election made and notified to the trustees in accordance with this section is sufficient authority for the trustees to pay a pension in accordance with the election of the member or former member concerned.

(4) An election under this section to receive a pension in a form that is consistent with any relevant Commonwealth superannuation standards is irrevocable.

(5) A member or former member who does not notify the trustees of an election made by the member or former member under this section before the pension concerned starts to be paid is, subject to subsection (2), to be regarded as having elected to receive payment of the pension in the form provided by this Act (apart from this section).

(6) If a member or former member makes an election under this section to receive a pension in a form that is consistent with any relevant Commonwealth superannuation standards, the trustees must ensure that the pension is varied only to the extent necessary to comply with those standards.

(7) An election under this section to receive a pension in a form that is consistent with any relevant Commonwealth superannuation standards is binding not only on the member or former member who made the election but also on any person claiming a benefit under this Act through that member or former member.

(8) If an election is made under this section to receive a pension in a form that is consistent with any relevant Commonwealth superannuation standards, the pension is payable in that form despite any other provision of this Act to the contrary.