24Commutation of pension benefits on or after 1 July 1975

24 Commutation of pension benefits on or after 1 July 1975

(1) Section 24 of the Defence Force Retirement and Death Benefits Act does not authorize the commutation of a pension benefit in so far as the pension benefit has been increased by virtue of this Part. (2) Where, on or after 1 July 1975, a portion of the pension benefit of a person who is entitled to an increase in the rate of his pension benefit under this Part is commuted, then, as from the date on which that portion is so commuted, the annual amount of his pension benefit shall be reduced to such amount as would, on 1 July 1975, have been the annual amount of his pension benefit if: (a) he had commuted that portion of his pension benefit on 29 June 1975; and (b) in a case where an anniversary of his birth occurs after 30 June 1975 and on or before the date of commutation—he had, on 29 June 1975, attained the age that is his age on the date of commutation.