14KCommutation on discharge of disabled member

#### 14K Commutation on discharge of disabled member 14K Commutation on discharge of disabled member > > (1) This section applies to a superannuation allowance payable to a disabled member of the police force under— > > > > > (a) section 7, or > > > > > (b) section 10. > > > (2) 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— > > > > > (a) the day on which the person attains 55 years of age, or > > > > > (b) the day on which the person becomes entitled to that allowance, > > > > whichever is the later. > > > (3) The date on which an election under subsection (2) is to take effect is to be— > > > > > (a) the day on which the person attains 55 years of age, or > > > > > (b) the day on which the person became entitled to that allowance, > > > > whichever is the later. > > > (4) 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. > > > (5) The date on which an election under subsection (4) is to take effect is to be the day on which the person attains 60 years of age. > > > (6) If a disabled member of the police force, having been paid a superannuation allowance under section 7 or a gratuity under section 14, is granted a hurt-on-duty allowance under section 10 after having attained the age of 60 years, the member may, as the case requires, commute to a lump sum— > > > > > (a) the difference (if any) between the allowance granted under section 10 (1A) (a) and the superannuation allowance paid to that member under section 7, or > > > > > (b) the balance (if any) of the allowance granted under section 10 (1A) (a) after an appropriate adjustment has been made for the repayment of the gratuity that has been paid to that member under section 14. > > > (7) If a disabled member of the police force, having been granted an additional amount of allowance under section 10 (1A) (b) or (c), elects to commute to a lump sum an allowance under section 10 (1A) in accordance with subsection (6), the member must commute the additional amount to the extent that it has not already been commuted to a lump sum under section 10C. > > > (8) If a disabled member of the police force makes no election to commute to a lump sum an allowance granted under section 10 (1A) because the member has already elected to commute an equivalent allowance payable under section 7, the member is, for the purposes of subsection (7), to be treated as having elected to commute the first-mentioned allowance in accordance with subsection (6). > > > (9) The date on which an election under subsection (6) takes effect is the date on which the election is made. > > > (10) A person wishing to commute a superannuation allowance under subsection (2), (4) or (6) must lodge the election to do so with STC in the form and within the time required by STC. > > > (11) 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 annual superannuation allowance payable at the time the election takes effect by the appropriate commutation factor listed in the Table to this subsection and, in the case of a partial commutation, by the proportion that the commuted part of the allowance (including any additional allowance amount commuted under subsection (7)) bears to the whole of the allowance. > > > > | Age at time commutation election takes effect | Commutation factor | > > | 55 | 11.82 | > > | 56 | 11.64 | > > | 57 | 11.46 | > > | 58 | 11.28 | > > | 59 | 11.10 | > > | 60 or older | 10.92 | > > > (12) 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 14K:** Ins 1987 No 220, Sch 3 (12). Am 1988 No 134, Sch 1 (17); 1991 No 95, Sch 5 (9); 1996 No 39, Sch 4; 1997 No 42, Sch 1.4 \[24\]. Subst 2006 No 53, Sch 1.2 \[31\].