15BVCElections generally

15BVC Elections generally

15BVC Elections generally

(1) An election to be paid a lump sum instead of pension must be made in a form approved by the board and must be received in the office of the board not earlier than 3 months before, and not later than 3 months after, the former contributor ceases to be a contributor.

(2) An election to be paid a lump sum instead of pension does not take effect until—

(a) the expiration of such period as the board determines after the election is received in the office of the board, or

(b) the person making the election ceases to be a contributor,

whichever last occurs.

(3) Where an election to be paid a lump sum under this section instead of pension takes effect but the person making the election dies before payment of the lump sum is made, the board shall pay the lump sum to the personal representatives of the deceased person.

(4) An election that a person is entitled to make under a provision of this Division may not, unless the board in special circumstances approves, be made more than once.

ss 15BVA–15BVC: Ins 1980 No 191, Sch 3 (12).