New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 24

24 Entitlement of widow, dependants etc

(1) Subject to this section, where a contributor dies, his widow or, if he dies without leaving a widow, his child or children who was or were dependent, in the opinion of the Board, upon him at the time of his death or, if there is no widow or child or children so dependent, any other person or persons so dependent on him shall be entitled:

(a) in the case of a contributor with not less than ten years service who dies on or after he attains the age of sixty years, to receive a lump sum benefit from the Fund of an amount equivalent to the lump sum benefit that would have been payable to him had he retired on the date of his death, or

(b) in any other case, to receive a lump sum benefit from the Fund of an amount equivalent to twice the sum of:

(i) the difference between his contributions to the Fund, if any, and any such contributions previously refunded to him, together with interest on the difference at the prescribed rate, compounded annually at the end of each financial year, to the date of his death, and

(ii) his initial credit, if any, together with interest thereon at the prescribed rate, compounded annually at the end of each financial year, from the date he became a contributor to the date of his death.

(2) Where more than one person is entitled to a benefit under this section, the Board shall determine the manner in which the benefit shall be apportioned and may pay the benefit accordingly.

(3)

(a) Where there is a guardian of any child eligible to receive a lump sum benefit under this section and the Board is satisfied that the benefit, or any part of the benefit, would, if paid to the guardian, be used for the maintenance, education and advancement of the child, the Board may pay the benefit or part to the guardian.

(b) If the Board is not so satisfied or if there is no guardian of the child, any such benefit or part may be expended for the benefit of the child in such manner as may be determined by the Board.

(4) Where a contributor dies and does not leave a widow or any dependants, there shall be paid from the Fund to his personal representatives or, where he has no personal representatives, to such other person or persons as the Board may determine, an amount:

(a) in the case of a contributor with not less than ten years’ service who dies on or after attaining the age of sixty years-equivalent to the amount that, pursuant to subsection (1) (a), would have been payable from the Fund had he left a widow or dependant,

(b) in the case of a contributor with not less than ten years’ service who dies before attaining the age of sixty years-equivalent to one and one-half times the sum of the amounts referred to in subsection (1) (b) (i) and (ii) that would have been applicable had he left a widow or dependant, or

(c) in any other case-equivalent to the refund of his contributions, together with interest thereon at the prescribed rate, compounded annually at the end of each financial year from the date on which he became a contributor until the date of his death.

(5) The payment of any benefit or part of a benefit by the Board under this section shall discharge the Board and the Fund from all liability in respect of the benefit or part.