14JCommutation on normal or early retirement of member

#### 14J Commutation on normal or early retirement of member 14J Commutation on normal or early retirement of member > > (1) This section applies to a superannuation allowance payable— > > > > > (a) under section 7 (except where it is payable to a disabled member of the police force), or > > > > > (b) under section 7AA. > > > (2) A person who becomes entitled to a superannuation allowance to which this section applies may, on becoming so entitled, commute the whole or part of that allowance. > > > (2A) A person who is entitled to a superannuation allowance to which this section applies and who has not previously commuted the allowance under this section may commute the whole or part of that allowance on the day on which the person attains 60 years of age. > > > (3) A person wishing to commute such a superannuation allowance under this section must lodge the election to do so with STC in the form and within the time required by STC. > > > (3A) The date on which an election under subsection (2) is to take effect is to be the day after the date on which the person retires, irrespective of the date on which the election is made. > > > (3B) The date on which an election under subsection (2A) is to take effect is to be the day the person making the election attains the age of 60, irrespective of the date on which the election is made. > > > (4) If a person elects to commute a superannuation allowance under this section, the lump sum payable from the Fund to the person is to be calculated by multiplying the attributed salary of office of the person by the appropriate commutation factor listed in Schedule 3 and by the equivalent service ratio for the person as at the date the person retired and, in the case of a partial commutation, by the proportion that the commuted part of the allowance bears to the whole of the allowance. > > > (5) If STC has made a determination under section 14AA in relation to a lump sum resulting from the commutation of a superannuation allowance to which this section applies, the lump sum is reduced by the amount specified in STC’s determination. > > **s 14J:** Ins 1987 No 220, Sch 3 (12). Am 1988 No 134, Sch 1 (16); 1991 No 95, Sch 5 (8); 1996 No 39, Sch 4; 1997 No 42, Sch 1.4 \[23\]; 1998 No 72, Sch 1.2 \[46\] \[47\]; 2006 No 53, Sch 1.2 \[26\]–\[30\].