102Power of Commission to grant pensions or lump sums not in accordance with regulations

102 Power of Commission to grant pensions or lump sums not in accordance with regulations

(1)  If an existing contributor elects in writing to the Commission to receive a benefit to which the contributor would have been entitled under the Retirement Benefits Act 1982 , the Commission is to substitute the benefit payable under these regulations with the benefit payable under that Act on any terms and conditions that the Commission considers to be fair and equitable.

(2)  For the purposes of subregulation (1) , a reference to an existing contributor includes that contributor's surviving partner or, in the absence of a surviving partner, that contributor's legal personal representative.

(3)  For the purposes of subregulation (1) , the Commission is to calculate the benefit entitlement under the SAF Agreement by taking the balance standing to the credit of the contributor's account under the SAF Agreement, as at 30 June 1994, and indexing that balance at a rate declared by the Commission, for each period of 6 months, as being equal to whichever is the greater of –

(a) movements in AWOTE; or

(b) movements in the Consumer Price Index.

(4)  For the purpose of subregulation (3) , movements in AWOTE or Consumer Price Index figures are to be calculated using the most recently published figures before the indexation under subregulation (3) is applied.

(5)  Despite subregulation (1) , the Commission may make payments of interest in respect of any benefit entitlement or further payments of interest in respect of any refunds of contributions or other payments in any circumstances the Commission considers appropriate.

(6)  For the purpose of determining a benefit to be substituted under subregulation (1) , the Commission is to calculate that benefit by reference to the balance of that contributor's account established under regulation 28 .