40Partner of a pensioner aged 60 years or over entitled to convert part of pension to a lump sum

40 Partner of a pensioner aged 60 years or over entitled to convert part of pension to a lump sum S. 40(1) amended by Nos 120/1994 s. 57(e)(i), 95/2000 s. 6(3), 27/2001 s. 5(Sch. 3 item 5.11), 73/2001 s. 5(2)(a), 40/2010 s. 82. (1) A person who is aged 60 years or over and is entitled to a pension as the partner of a revised scheme member or former revised scheme member, or is entitled to a pension under the **Superannuation Act 1958** as a result of the death of a contributor or pensioner within the meaning of that Act (other than as a child of the contributor or pensioner) may— (a) within 12 months of attaining the age of 60 years; or S. 40(1)(b) amended by Nos 120/1994 s. 57(e)(ii), 27/2001 s. 5(Sch. 3 item 5.11), substituted by No. 73/2001 s. 5(2)(b). (b) within the period of 12 months immediately after the death of the member, former member, contributor or pensioner— S. 40(1)(c) repealed by No. 120/1994 s. 57(e)(iii). elect in writing to convert the whole of or part of his or her fortnightly pension entitlement to a lump sum payment as determined by the Board in accordance with actuarial advice. S. 40(2) substituted by No. 95/2000 s. 6(4). (2) A person must elect under subsection (1) to convert to an equivalent lump sum payment an amount— (a) equal to the whole; or (b) not greater than 50 per cent— of his or her fortnightly pension entitlement. (3) A person who makes an election under subsection (1) is entitled to the lump sum payment on the day on which the election is made. (4) The person's pension is to be reduced by the amount of the pension entitlement converted to a lump sum on the day on which the person becomes entitled to the lump sum payment. S. 41 (Heading) inserted by No. 27/2001 s. 5(Sch. 3 item 5.12).