61Transfer from revised scheme to new scheme

61 Transfer from revised scheme to new scheme (1) A revised scheme member may during the period commencing on 1 July 1988 and ending on the prescribed date elect to transfer from the revised scheme into the new scheme. S. 61(2) amended by No. 81/1988 s. 31(1). (2) A revised scheme member who elects to transfer under subsection (1) is entitled up to the date of transfer to a deferred pension payable in accordance with sections 46 and 47 and calculated in accordance with the following formula— N, YA and YP have the same meanings as in section 33(1); C means the contribution factor in accordance with section 46; F means— (a) for a prescribed fire-fighter, a factor in accordance with the following Table: - *Age last birthday before transfer* *Factor* - 45 or less 1.05 - 46 1.04 - 47 1.03 - 48 1.02 - 49 1.01 - 50 or over 1.00 ; or (b) for any other revised scheme member, a factor of 1.00. S. 61(2A) inserted by No. 72/1990 s. 7(1), substituted by No. 110/1993 s. 79(1). (2A) If a person who is entitled to a deferred pension under subsection (2) resigns he or she may elect to receive— S. 61(2A)(a) amended by No. 4/1996 s. 110(3). (a) a cash benefit equal to a refund of the contributions paid by him or her during the period he or she was a revised scheme member and interest at the rate which is the prescribed rate under section 46(1); and (b) a deferred pension reduced in accordance with the following formula— DF means the deferred pension calculated under subsection (2); S, X have the same meanings as in section 58. S. 61(2B) inserted by No. 110/1993 s. 79(1). (2B) Section 47 applies to a deferred pension under subsection (2) or a reduced deferred pension under subsection (2A) as if the reference to deferred pensions in that section included a reference to a deferred pension under subsection (2) or a reduced deferred pension under subsection (2A). S. 61(3) inserted by No. 81/1988 s. 31(2). (3) If a prescribed fire-fighter makes an election under subsection (1) he or she may further elect not later than 31 December 1989 to have his or her deferred pension calculated as at 1 January 1988 and to be treated as having become a new scheme member on 1 January 1988 if he or she pays any arrears of contributions based on his or her salary as at 1 May 1988 at the time of the further election. S. 61(4) inserted by No. 81/1988 s. 31(2). (4) For the purposes of determining the maximum benefit under section 52(3)— (a) the amount of any deferred pension under subsection (2) is to be taken into account; and (b) the deferred pension must be notionally converted into a lump sum as determined in accordance with Schedule 1. S. 61(5) inserted by No. 49/1992 s. 19, substituted by No. 110/1993 s. 80. (5) A revised scheme member who elects whether before or after the commencement of section 19 of the **Superannuation (Occupational Superannuation Standards) Act 1992** to transfer to the Transport Superannuation Fund under section 4 of the **Transport Superannuation Act 1988** is entitled— (a) to a deferred pension up to the date of transfer calculated in accordance with subsection (2); or (b) if he or she subsequently resigns, to elect to receive a cash benefit and reduced deferred benefit calculated in accordance with subsection (2A). S. 61(6) inserted by No. 49/1992 s. 19, substituted by No. 110/1993 s. 80. (6) A deferred pension under subsection (5)(a) or a reduced deferred pension under subsection (5)(b) is payable at the earlier of— (a) a request of the former revised scheme member at or after the minimum age for retirement; or (b) the disability of the revised scheme member; or S. 61(6)(c) amended by Nos 120/1994 s. 57(m), 27/2001 s. 5(Sch. 3 item 5.13), 40/2010 s. 87. (c) the death of the revised scheme member, to his or her partner, child, adult child or personal representative as the Board determines; or (d) the attainment of the former revised scheme member of the age of 65 years. S. 61(7) inserted by No. 49/1992 s. 19, substituted by No. 110/1993 s. 80, repealed by No. 82/1996 s. 67, new s. 61(7) inserted by No. 95/2000 s. 6(7). (7) Subsection (8) applies to a person who— (a) is entitled to a deferred pension under section 61(2) or a reduced deferred pension under section 61(2A) and is not eligible to make contributions under section 50; or (b) is entitled to a deferred pension under section 61(5) or a reduced deferred pension under section 61(5)(b) and is not eligible to make contributions under section 28 of the **Transport Superannuation Act 1988**. S. 61(8) inserted by No. 110/1993 s. 80, repealed by No. 82/1996 s. 67, new s. 61(8) inserted by No. 95/2000 s. 6(7). (8) A former revised scheme member referred to in subsection (7) may elect in writing to the Board to— S. 61(8)(b) substituted by Nos 40/2004 s. 28(6), 37/2007 s. 36. (b) have the lump sum rolled over or transferred within the superannuation system as nominated by the former revised scheme member. S. 61(8A) inserted by No. 95/2000 s. 6(7). (8A) The method of calculating the conversion under subsection (8) is to be determined by the Minister on the advice of an actuary appointed by the Board. S. 61(9) inserted by No. 110/1993 s. 80. (9) A revised scheme member who elects whether before or after the commencement of section 19 of the **Superannuation (Occupational Superannuation Standards) Act 1992** to transfer under this section into the new scheme and is subsequently retrenched is entitled to receive a benefit calculated and payable under section 44 as if he or she had been retrenched on the date of transfer. S. 61(10) inserted by No. 110/1993 s. 80. (10) A revised scheme member who elects whether before or after the commencement of section 19 of the **Superannuation (Occupational Superannuation Standards) Act 1992** to transfer to the Transport Superannuation Fund under section 4 of the **Transport Superannuation Act 1988** and is subsequently retrenched is entitled to receive a benefit calculated and payable under section 44 as if he or she has been retrenched on the date of transfer. S. 61A inserted by No. 87/1992 s. 16.