39Pensioner may elect to convert whole of or part of pension entitlement to a lump sum payment entitlement

39 Pensioner may elect to convert whole of or part of pension entitlement to a lump sum payment entitlement S. 39(1) amended by Nos 81/1988 s. 28(d), 95/2000 s. 6(1), 27/2001 s. 5(Sch. 3 item 5.9). (1) A pensioner under the **Superannuation Act 1958** who has not converted any part of his or her pension to a lump sum or who is receiving a pension under section 33 or whose pension has been reduced under section 67 and who has not made an election under subsection (3), may within the period of 3 months immediately prior to attaining the age of 65 years elect in writing to convert the whole of or not more than 50 per cent of the pensioner's fortnightly pension entitlement and the fortnightly pension entitlement of his or her partner following his or her death to an equivalent entitlement by way of a lump sum payment as determined in accordance with Schedule 1. S. 39(2) amended by No. 27/2001 s. 5(Sch. 3 item 5.9). (2) If a pensioner makes an election under subsection (1), he or she is entitled to the lump sum payment when he or she attains the age of 65 years and his or her pension and the pension of his or her partner are reduced by the amount of the pension entitlement converted to a lump sum on the day on which he or she becomes entitled to the lump sum payment. S. 39(3) amended by Nos 81/1988 s. 28(e), 49/1992 s. 13, 120/1994 s. 57(d)(i), 95/2000 s. 6(1)(2), 27/2001 s. 5(Sch. 3 item 5.9), 73/2001 s. 5(1)(a). (3) A revised scheme member or pensioner who is or will be entitled to a pension under section 33, or a person who is or will be entitled to an age retirement pension under the **Superannuation Act 1958** may within the period commencing 3 months prior to his or her retirement and ending 3 months after his or her retirement (or any later date fixed by the Board) elect in writing to convert the whole of or not more than 50 per cent of the pensioner's fortnightly pension entitlement and the fortnightly pension entitlement of his or her partner following his or her death to an equivalent entitlement by way of lump sum payment as determined in accordance with Schedule 1. S. 39(4) amended by Nos 49/1992 s. 13, 120/1994 s. 57(d)(ii), 27/2001 s. 5(Sch. 3 item 5.9), 73/2001 s. 5(1)(b). (4) If a person makes an election under subsection (3), he or she is entitled to the lump sum payment on retirement or on the day on which he or she makes the election (whichever is the later) and his or her pension and the pension of his or her partner are reduced by the amount of the pension entitlement converted to a lump sum on the day on which he or she becomes entitled to the lump sum payment. S. 39(5) amended by Nos 49/1992 s. 13, 120/1994 s. 57(d)(ii), 27/2001 s. 5(Sch. 3 item 5.9). (5) A person making an election under subsection (1) or (3) may request that no proportion of the fortnightly pension entitlement of his or her partner following his or her death is to be converted into a lump sum payment. (6) If subsection (5) applies, Schedule 1 has effect as if each lump sum factor specified in column 2 of Schedule 1 was reduced by $2.00. (7) This section does not enable a revised scheme member or pensioner who after he or she has attained the minimum age for retirement has received a pension under section 34 or 63 to elect to convert any of his or her fortnightly pension entitlement under section 33 to a lump sum entitlement unless that member or pensioner has resumed duty and was on duty during the whole of the period of 12 months immediately prior to his or her retirement on account of age. S. 39(8) amended by No. 81/1988 s. 28(f). (8) A person is not entitled to make more than 1 election under this section unless the Board otherwise determines. S. 40 (Heading) inserted by No. 27/2001 s. 5(Sch. 3 item 5.10).