Superannuation Act 1976

This section does not apply to a person who makes an election under subsection 61AB(1).

Where a person is entitled to standard early retirement pension by virtue of section 59, then, subject to subsection (2), the annual rate of that pension is the amount per annum of the standard age retirement pension that would be payable to him or her in accordance with subsection 56(4) if his or her age on his or her last day of service had been 60 years, reduced by 3⅓ per centum of that amount for each year, or part of a year, included in the period commencing on the day immediately following his or her last day of service and ending on the day immediately preceding the day on which the 60th anniversary of his or her birth will occur.

If:

the person’s surcharge debt account is in debit when standard early retirement pension becomes payable to the person; and

the person does not make an election under section 80B or 80C;