45
CurrentChoice to receive small pension is ineffective
Part 4General provisions about benefits
Division 5Lump sums payable instead of small pensions
45 Choice to receive small pension is ineffective
A choice under this Act to receive a pension instead of a lump sum does not have effect if (apart from this section) it would result in a pension being payable at an annual rate (on the first day on which the pension would be payable) that is less than:
(a)
$5,000 a year; or
(b)
if a greater rate is prescribed by the rules—that greater rate.
This Act’s bill:Explanatory memorandumSecond reading speech
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