57AAElection to receive age retirement benefit at reduced rate

#### 57AA Election to receive age retirement benefit at reduced rate (1) Subject to subsection (2), a person who becomes, or is about to become, entitled to standard age retirement pension payable under this Division may, not later than 3 months after but not earlier than 3 months before he or she becomes so entitled, by notice in writing to CSC, elect to be paid age retirement benefit at a reduced rate under this section. (2) A person who has made an election under section 76A or 110T may not make an election under subsection (1). (3) If a person makes an election under section 110T after making an election under subsection (1), the person is taken not to have made the election under subsection (1). (4) If a person makes an election under subsection (1): (a) the annual rate at which standard age retirement pension is payable to the person is 93% of the annual rate at which that pension would be payable to the person if he or she did not make the election; and (b) if the person is entitled to additional age retirement pension, the annual rate of that pension is: (i) an amount per annum equal to the amount (base amount) worked out by multiplying the person’s accumulated contributions by the factor that, having regard to the person’s age on his or her last day of service and such other matters (if any) as are prescribed, is applicable to the person under regulations made for the purposes of this paragraph; or (ii) if the rate worked out under subparagraph (i) is greater than 20% of his or her final annual rate of salary—20% of the person’s final annual rate of salary; and (c) if the base amount is greater than an amount (maximum amount) equal to 20% of the person’s final annual rate of salary, the person is to be paid a lump sum benefit equal to the amount by which his or her accumulated contributions exceed an amount worked out by dividing the maximum amount by the factor referred to in subparagraph (b)(i).