49MPriority order in relation to commutation of pension

#### 49M Priority order in relation to commutation of pension (1) This section applies if: (a) a person gives CSC a release authority issued to the person under item 3 of the table in subsection 135‑10(1) in Schedule 1 to the Taxation Administration Act 1953; and (b) an amount has not yet been paid to the person by virtue of a commutation under section 24 or 32A. (2) The release authority lump sum is to be paid before an amount is paid to the person by virtue of a commutation under section 24 or 32A. (3) To avoid doubt, the person’s retirement pay or invalidity pay is to be reduced under this Part to reflect the release authority lump sum, and the following are to be worked out having regard to that reduced amount of retirement pay or invalidity pay: (a) the amount that may be paid by virtue of the commutation; (b) the retirement pay or invalidity pay payable after the commutation takes effect.