Payment of productivity benefit
110R Payment of productivity benefit
Subject to subsection (2) and section 110S, if a productivity benefit becomes payable in respect of a person, the benefit is to be treated as a preserved benefit under the SIS Act and dealt with accordingly.
If:
the productivity benefit has become payable because of any of the following:
the person ceased to be an eligible employee on or after reaching the age of 60 years;
if the person has reached the age of 55 years—the person is taken, under subsection 58(2), to have retired voluntarily;
if the person has reached the age of 55 years and has not made an election under section 137—the person is taken, under subsection 58(3), or under section 58A or 58B, to have retired involuntarily;
the person retired on the ground of invalidity; and
the person is entitled to receive an additional age retirement pension or an additional early retirement pension; and
the person has not made an election under section 64 to commute his or her pension into a lump sum benefit;
the person may elect to have applied, for the provision of additional age retirement pension or additional early retirement pension, so much of the productivity benefit as will not result in the base amount within the meaning of section 57, 57AA, 61 or 61AB (whichever is applicable) being greater than the maximum amount within the meaning of section 57, 57AA, 61 or 61AB (whichever is applicable).
Where a person has, under subsection (2), elected to have the benefit applied for the provision of additional age retirement pension or additional early retirement pension and, after it has been so applied, that pension is commuted under section 64, any part of the productivity benefit applied for the provision of the additional pension is taken to be accumulated contributions.
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