36ACommutation of pension not exceeding declared rate

36A Commutation of pension not exceeding declared rate

(1) This section applies to a person who is entitled to a pension administered by the Board under this Act at a rate per year which does not exceed the declared rate.

(2) Notwithstanding anything to the contrary in this Act, the Board may at its discretion determine that instead of a pension the person may elect to receive a lump sum payment as determined by the Board on the advice of an actuary.

(3) If a person elects to accept a lump sum payment under subsection (2), the Board is released from any liability to make any further payments to, or in respect of, any entitlements of that person or any of his or her dependants in relation to that pension entitlement and this Act ceases to apply to that person in respect of that pension entitlement.

(4) In this section, declared rate means—

(a) $520 per year; or

(b) such higher rate per year as may be declared from time to time by the Minister by Order published in the Government Gazette.

Pt 7A (Heading and ss 36AA–36AG) inserted by No. 70/2003 s. 38.