39Amount of lump sum and pension on retirement

39 Amount of lump sum and pension on retirement

S. 39(1) amended by Nos 81/1988 s. 22(1)(c)
(i)–(iii), 61/2013 s. 17(1).

(1) Subject to subsections (2), (2A) and (3), a member who at the time of his retirement is a contributor and has contributed continuously under the provisions of this Act for not less than 42 years of contributory service shall upon retirement at or after attaining 65 years be entitled to receive a lump sum equivalent to 4⋅2 times his adjusted final salary together with a pension equivalent to 35 per centum of such adjusted final salary.

S. 39(2) substituted by No. 61/2013 s. 17(2).

(2) Benefits payable to a member who retires after the age of 75 years are to be calculated as though the member had retired on their 75th birthday, but interest is payable on the lump sum from the date of their 75th birthday until the date of the member's retirement at a rate determined actuarially.

S. 39(2A) inserted by No. 61/2013 s. 17(2).

(2A) Benefits payable to a member who retires after the permitted contributions age are to be calculated as though the member had retired on the date they attained the permitted contributions age, but interest is payable on the lump sum from the date they attained the permitted contributions age until the date of the member's retirement at a rate determined actuarially.

S. 39(2B) inserted by No. 61/2013 s. 17(2).

(2B) In subsection (2A), permitted contributions age means the age up to which Commonwealth superannuation law permits contributions to be made on behalf of a member.

(3) Where a member retires at age 66 years or more the rate of pension shall be such higher rate as determined actuarially.

S. 40 amended by No. 81/1988 s. 22(1)(d)(i).