(1) Except as provided in regulation 60(6) , a person who is entitled to receive a lump sum benefit under Part 4 or 5 may, subject to subregulation (5) , elect to convert the whole or a part of the lump sum into a pension, as provided by regulation 60 .
(i) as at 14 May 1999, a member of the scheme established under Part 4, or the scheme established under Part 5, of the Retirement Benefits Regulations 1994 ; or
(iii) a transferred investment account holder, within the meaning of the Trust Deed; and
(b) was a transferring member immediately before the transfer date; and
(c) at all times since first becoming a member of the Tasmanian Accumulation Scheme, until immediately before the transfer date, retained an interest in that scheme; and
(d) has –
(i) attained his or her preservation age; or
(ii) retired on the grounds of total and permanent incapacity as determined by the Commission under regulation 96(3) ; and
(e) transfers to the contributory scheme the amount to be converted from a lump sum –
may, subject to subregulation (5) , elect to convert the whole or a part of the lump sum into a pension, as provided by regulation 60 .
(5) If a contributor retires on the grounds of total and permanent incapacity and his or her lump sum benefit under regulation 36 or 37 is greater than $50 000, the Commission must convert the contributor's benefit entitlement to a pension as provided by regulation 60 .
(6) A contributor to whom subregulation (5) applies may before his or her pension commences under that subregulation elect, in writing to the Commission, to commute any part of the contributor's pension under subregulation (5) to –
(i) to pay for medical treatment, or medical transport, for the contributor;
(ii) to modify the contributor’s principal place of residence, or vehicle, to accommodate the special needs of the contributor relating to the person’s physical or mental capacities;
(iii) to pay for the palliative care of the contributor;
(iv) to meet expenses for any other purpose that the Commission determines is consistent with the needs of the contributor related to the contributor’s retirement.
(7) A payment under subregulation (6) is not payable, and interest does not accrue, before the date of the Commission's final decision determined in accordance with regulation 104 .
(8) The Minister may, by notice published in the Gazette, amend the amounts specified in subregulations (5) and (6) by substituting another amount for an amount specified in that subregulation, with effect from a date specified in the notice.
(10) A person who is entitled to receive more than one lump sum benefit under these regulations is to make an election in respect of each benefit separately.
(11) An election under subregulation (1) is to be made in writing to the Commission –
(a) in respect of a contributor, on or before the event on which the lump sum benefit becomes payable or within a period of 3 months after that event or any extended period that the Commission allows; or
(b) in respect of the surviving partner of a contributor, within a period of 6 months immediately following the Commission's determination under regulation 109 that he or she is the surviving partner of the contributor.
(12) If a contributor or the surviving partner of a contributor fails to make an election as mentioned in subregulation (11) , the benefit entitlement is to be transferred –
(a) to an account, in the name of the person, in a complying superannuation scheme elected by that person; or