New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 26

26 Minimum amount of lump sum benefit in certain cases

(1) When a contributor dies or is retired from the service of his employer through infirmity of body or mind not caused by intemperate habits, the infirmity being certified to the satisfaction of the Board as being likely to be permanent and the benefit payable to or in respect of him would be less than the minimum benefit, the benefit payable to or in respect of him shall be the minimum benefit.

(2) In this section:
"minimum benefit" means:

(a) in the case of a contributor who immediately before his death or retirement was contributing for a lump sum benefit of an amount, which together with his initial lump sum benefit, if any, was not less than twice the lower level of his wage group, but not as provided in paragraph (b), or subparagraph (i) of paragraph (c), an amount of one thousand dollars, or if the Board has under subsection (2) of section 61 determined in respect of him a lesser amount, that lesser amount,

(b) in the case of a contributor who immediately before his death or retirement was contributing for a lump sum benefit of an amount, which together with his initial credit benefit, if any, was not less than twice the upper level of his wage group:

(i) an amount of one thousand dollars added to the product of one hundred dollars multiplied by the completed years of service of the contributor, or the prescribed amount, whichever is the lesser,

(ii) if the prescribed amount would be less than one thousand dollars, an amount of one thousand dollars, or

(iii) if the Board has under subsection (2) of section 61 determined in respect of him a lesser amount than the amount applicable under subparagraph (i), or referred to in subparagraph (ii), that lesser amount, or

(c) in the case of a contributor who immediately before his death or retirement was contributing for the maximum benefit appropriate to his age level:

(i) if that maximum benefit, together with his initial credit benefit, if any, was not less than twice the lower level of his wage group, the same amount as would be payable to or in respect of a contributor under paragraph (b), or

(ii) if that maximum benefit, together with his initial credit benefit, if any, was less than twice the lower level of his wage group, an amount of one thousand dollars added to the product of one hundred dollars multiplied by the completed years of service of the contributor, the prescribed amount, or any amount determined in respect of him by the Board under subsection (2) of section 61, whichever is the least.

"prescribed amount" means:

(a) in the case of a person dying or being retired before attaining the age of sixty years, the amount that would have been paid to him under this Act had he continued the rate of contribution he was required to pay at the time of his death or at the time of being retired, until he attained the age of sixty years and retired on that date, or

(b) in the case of a person dying or being retired on or after attaining the age of sixty years, the amount that would have been paid to him under this Act if he had retired on the date on which he died or was retired.

(3) This section does not apply in relation to the payment of a benefit under section 24 (4).