28APension on retirement before reaching 60 years of age

28A Pension on retirement before reaching 60 years of age

28A Pension on retirement before reaching 60 years of age

(1) This section applies to a contributor who retires in accordance with section 21 (1B) and who is not entitled to a pension under section 28AA.

(2) A contributor to whom this section applies is entitled on retirement to a pension determined according to the number of units for which the contributor has, at the time of retirement, contributed for not less than 2 years and 6 months.

(3) Subject to this section, the value of each unit of pension referred to in subsection (2) is as follows—

(a) if the age of the contributor at the contributor’s last birthday before retirement was 55 years—$3.27 per fortnight,

(b) if the age of the contributor at the contributor’s last birthday before retirement was 56 years—$3.55 per fortnight,

(c) if the age of the contributor at the contributor’s last birthday before retirement was 57 years—$3.91 per fortnight,

(d) if the age of the contributor at the contributor’s last birthday before retirement was 58 years—$4.35 per fortnight,

(e) if the age of the contributor at the contributor’s last birthday before retirement was 59 years—$4.88 per fortnight.

(4) In addition to the value of a unit of pension specified in subsection (3), a contributor is entitled to receive in respect of the unit an amount per fortnight calculated in accordance with the following formula—

where—

A represents the value that the unit would have had if the contributor had in fact retired on the contributor’s next birthday after that retirement, and

B represents the value of the unit at the contributor’s last birthday before retirement, and

C represents the number of days during the period beginning with the day after the contributor’s last birthday before retirement and ending with the day before payment of the pension is due to begin.

(5) If a contributor to whom this section applies has contributed for one or more units of pension for less than 2 years and 6 months, the contributor is entitled to be paid on retirement a lump sum equal to the amount of contributions that the contributor has paid in respect of the unit or units.