37Resignation benefits

37 Resignation benefits

(1) If a member resigns he or she is entitled to—

(a) a cash benefit equal to the contributions paid by the member and interest at a rate specified by the Board and published in the Government Gazette less the cost of death and disability benefits as determined by the Board and Commonwealth charges; and

S. 37(1)(b) substituted by No. 49/1992 s. 88.

(b) a deferred benefit consisting of—

(i) a lump sum equal to 5 per cent of salary for each year of service in excess of 5 years; and

(ii) a pension equal to five-sixths of one per cent of salary for each year of service in excess of 5 years.

S. 37(1A) inserted by No. 49/1992 s. 88.

(1A) Deferred benefits calculated under subsection (1)(b) are to be—

(a) payable in accordance with section 38—as though they were a benefit payable under that section; and

(b) indexed in accordance with section 43.

S. 37(1B) inserted by No. 95/2000 s. 16(2).

(1B) A member who is entitled to a deferred retirement benefit under subsection (1)(b) may elect in writing to the Board to—

S. 37(1B)(b) substituted by Nos 40/2004 s. 20(3), 37/2007 s. 22.

S. 37(1C) inserted by No. 95/2000 s. 16(2).

(1C) The method of calculating the conversion under subsection (1B) is to be determined by the Minister on the advice of an actuary appointed by the Board.

S. 37(2) repealed by No 70/2013 s. 3(Sch.1 item 53).

S. 37(3)(4) inserted by No. 54/1993 s. 9, repealed by No. 40/2004 s. 25.

S. 37(5) inserted by No. 54/1993 s. 9, substituted by No. 4/1996 s. 99(1), repealed by No. 40/2004 s. 25.

S. 37A inserted by No. 10258 s. 10(v), repealed by No. 58/1987 s. 11(1)(h).