sec.8BElection to take part of pension as a lump sum to meet surcharge liability

sec.8B Election to take part of pension as a lump sum to meet surcharge liability

This section applies to the following persons— a judge to whom a pension is payable under sections 3 to 5 ; a judge’s spouse to whom a pension is payable under section 7 ; an eligible child of a judge to whom a pension is payable under section 8A , if the rate of pension is decided under section 8A (3) (b) . The person may elect to be paid a lump sum instead of a part of the pension. The maximum amount that may be paid as a lump sum under the election is the amount of the judge’s surcharge liability. The election must be— made in writing to the Minister; and accompanied by a copy of the surcharge liability notice stating the amount of the judge’s surcharge liability. The Minister must act on the election by reducing the pension by the amount of the lump sum. The reduction must happen in the way decided by the Minister on the advice of an actuary. s 8B prev s 8B ins 1972 No. 11 s 2 amd 1974 No. 29 s 2 (1) sub 1984 No. 10 s 10 om 1992 No. 14 s 2 sch pres s 8B ins 1999 No. 74 s 9 (sec.8B-ssec.1) This section applies to the following persons— a judge to whom a pension is payable under sections 3 to 5 ; a judge’s spouse to whom a pension is payable under section 7 ; an eligible child of a judge to whom a pension is payable under section 8A , if the rate of pension is decided under section 8A (3) (b) . (sec.8B-ssec.2) The person may elect to be paid a lump sum instead of a part of the pension. (sec.8B-ssec.3) The maximum amount that may be paid as a lump sum under the election is the amount of the judge’s surcharge liability. (sec.8B-ssec.4) The election must be— made in writing to the Minister; and accompanied by a copy of the surcharge liability notice stating the amount of the judge’s surcharge liability. (sec.8B-ssec.5) The Minister must act on the election by reducing the pension by the amount of the lump sum. (sec.8B-ssec.6) The reduction must happen in the way decided by the Minister on the advice of an actuary.

• (a) a judge to whom a pension is payable under sections 3 to 5 ;
• (b) a judge’s spouse to whom a pension is payable under section 7 ;
• (c) an eligible child of a judge to whom a pension is payable under section 8A , if the rate of pension is decided under section 8A (3) (b) .
• (a) made in writing to the Minister; and
• (b) accompanied by a copy of the surcharge liability notice stating the amount of the judge’s surcharge liability.