42Conversion of part of pension entitlement to lump sum payment entitlement

42 Conversion of part of pension entitlement to lump sum payment entitlement

S. 42(1) amended by Nos 10258 s. 10(z)(i)
(A)–(C), 27/2001 s. 5(Sch. 3 item 4.4).

(1) Notwithstanding anything in this Act but subject to this section the Board may determine that a pensioner who is receiving a pension under section 39, 40 or 41 may, within the period of three months immediately prior to his attaining the age of 70 years, or three months after retirement if he retires on or after the age of 70 years, may apply in writing to convert the whole or part of the fortnightly pension entitlement of the pensioner and of his or her partner following his or her death to an equivalent entitlement by way of a lump sum payment as determined by an actuary appointed by the Board.

S. 42(2) amended by Nos 10258 s. 10(z)(ii), 27/2001 s. 5(Sch. 3 item 4.4).

(2) Where a pensioner applies under subsection (1) and his application is approved by the Board he shall be entitled to the lump sum payment and the pension payable to the pensioner and to his or her partner shall thereupon be reduced by the amount of the pension entitlement converted to a lump sum.

S. 42(3) repealed by No. 10258 s. 10(z)(iii).

(4) A pensioner shall not be entitled to make more than one application under this section.