10Commutation of superannuation allowances

10 Commutation of superannuation allowances

10 Commutation of superannuation allowances

(1) This section applies if a benefit reduced under this division may be taken in the form of a superannuation allowance.

(2) STC may, with the consent of the person to whom the allowance is payable, commute part of the unreduced allowance to a lump sum for the purposes of the payment to STC of the amount of the reduction.

(3) Commutation of part of the superannuation allowance—

(a) does not affect another right that the person has to commute the allowance under the Act, and

(b) must not be taken into account for the purposes of determining whether, and to what extent, any other right may be exercised, and

(c) must be done on a basis determined by STC.

(4) STC may obtain actuarial advice for the purpose of determining the basis on which part of a superannuation allowance is to be commuted under this section.