35Commuting account‑based pension

35 Commuting account‑based pension

(1) If CSC receives an application from an ADF Super pensioner or reversionary beneficiary to commute all or part of an account‑based pension he or she is receiving under this Division, CSC may, in accordance with the application and subject to the SIS Act: (a) roll over or transfer all or part of the balance of the pension account (from which the pension is paid) to any of the following for his or her benefit: (i) a regulated superannuation fund (as defined in the SIS Act); (ii) an approved deposit fund (as defined in the SIS Act); (iii) an RSA provider (as defined in the Retirement Savings Accounts Act 1997); or (b) pay the applicant a lump sum of an amount equal to all or part of the balance of the pension account; or (c) if the applicant is an ADF Super member—credit an amount equal to all or part of the balance of the pension account to the member’s personal accumulation account.

Note 1: Regulations 1.06 and 1.07B of the SIS Regulations may prevent the pension from being commuted unless the pension has paid at least a certain amount in a particular year.

Note 2: If a reversionary beneficiary is also an ADF Super member, the amount mentioned in paragraph (c) may be credited to that member’s personal accumulation account.

(2) CSC must debit from the pension account the amount rolled over, transferred, paid or credited under subsection (1).