15CIRate of pension on conversion of special sum

15CI Rate of pension on conversion of special sum

15CI Rate of pension on conversion of special sum

(1) Where a person entitled to an employer-financed benefit under section 15BG pays an amount to the board under section 15CH (1), the annual pension payable is the amount obtained by—

(a) dividing the amount paid to the board by 11.3, and

(b) reducing the rate of pension in the manner specified in section 15BG (3).

(2) Where a person other than a person referred to in subsection (1) pays an amount to the board under section 15CH (1), the annual pension payable is the amount obtained by dividing the amount paid to the board by 11.3.

(3) A pension that, immediately before the date of assent to the Local Government and Other Authorities (Superannuation) Amendment Act 1980, was payable pursuant to section 15CF (6) as from time to time in force before that date continues on and after that date as a pension payable under this section but nothing in this section operates to alter—

(a) the date on and from which the pension became payable under this Act, or

(b) the rate at which it is payable.

ss 15CH–15CJ: Ins 1980 No 191, Sch 4 (4).