25CCommutation of pension to meet surcharge liability

25C Commutation of pension to meet surcharge liability (1) The power of commutation under this section applies if— (a) a person is receiving a pension under this Act; and (b) the person receives a notice of surcharge assessment on contributions made in respect of the person when he or she was a contributor from the Australian Taxation Office for which he or she is personally liable; and (c) the person makes an election in accordance with subsection (2). (2) The election must— (a) be made within the period of 3 months after the day on which the assessment is made; and (b) be made in a manner approved by the Board; and (c) authorise the Board to pay on the person's behalf the amount of the surcharge assessment directly to the Australian Taxation Office. (3) The Board must commute the person's pension to the extent determined by an actuary appointed by the Board to be necessary to pay the amount of the surcharge assessment. (4) The Board must advise the person in writing as to the actuary's determination. (5) The exercise of the power of commutation under this section does not affect the exercise of any other commutation rights under this Act. S. 26 amended by No. 82/1996 s. 13, substituted by No. 70/2003 s. 6.