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PARLIAMENTARY SUPERANNUATION ACT 1970 - SECT 16

16 .         Commutation of certain pensions

        (1)         Subject to subsections (3) and (4), a person who ceases to be a member after the coming into operation of the Parliamentary Superannuation Amendment Act 1980 1 may elect, by notice in writing served on the Board within 3 months of his so ceasing to be a member or such longer period as the Tribunal determines, to convert to a lump sum payment, determined in accordance with subsection (2), his annual pension entitlement or a portion thereof.

        (2)         A lump sum payment under subsection (1) shall be — 

            (a)         in the case of a person who has not attained the specified age when he ceases to be a member or who attained the specified age less than a year before he ceases to be a member — the amount of the annual pension entitlement of the person converted under subsection (1) multiplied by 12 or such other figure as is applicable to the person under a determination made under the Salaries and Allowances Act 1975 for the purposes of this paragraph;

            (b)         in the case of a person who attained the specified age at least a year before he ceases to be a member — the amount of the annual pension entitlement of the person converted under subsection (1) multiplied by a factor calculated by deducting from 12 or such other figure as is applicable to the person under a determination made under the Salaries and Allowances Act 1975 for the purposes of this paragraph half the number by which the age, in complete years, attained by the person when he ceases to be a member exceeds the specified age.

        (2a)         Until otherwise specified in a determination made under the Salaries and Allowances Act 1975 , the specified age for the purposes of subsection (2) is 65 years.

        (3)         Where a former member ceased to be a member on the grounds of ill health and had contributed to the scheme for less than 12 years when he so ceased to be a member, he is not entitled to make an election under subsection (1) unless — 

            (a)         he had attained the age of 55 years; or

            (b)         he had contributed to the scheme for the duration of not less than 3 complete Parliaments,

                when he so ceased to be a member.

        (4)         Where section 17 applies to a former member, the whole or the appropriate portion, as the case may be, of his annual pension entitlement for the purposes of this section shall be reduced by the amount that his annual pension entitlement is reduced pursuant to that section.

        [Section 16 inserted by No. 54 of 1980 s. 7; amended by No. 58 of 1986 s. 9; No. 103 of 1987 s. 4; No. 6 of 1988 s. 6; No. 31 of 1989 s. 15; No. 37 of 2000 s. 12.]



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