15BUABoard may pay lump sum instead of certain pensions

15BUA Board may pay lump sum instead of certain pensions

15BUA Board may pay lump sum instead of certain pensions

(1) Where, but for this section, a person would be entitled to a pension (not being a pension under section 15BO, 15BP or 15BR (8)) that amounts to less than $10 per fortnight or, where a greater amount per fortnight is prescribed for the purposes of this section, that greater amount per fortnight, the board may, instead of paying the pension, pay to that person a lump sum calculated in accordance with the following formula—

where—

L represents the amount of the lump sum,

R represents the annual rate of the pension, and

P represents the total amount (if any) of the pension paid before payment of the lump sum.

(2) Subsection (1) applies to a pension that became payable before the commencement of this section as well as to a pension that becomes payable after that commencement and so applies whether or not payment of the pension has commenced.

ss 15BUA–15BUD: Ins 1980 No 191, Sch 3 (10).