27
In forceAmount of pension payable on retirement
Part 4Pensions and benefits
Division 2Grant of pensions and benefits
27 Amount of pension payable on retirement
(1)
A contributor who retires is entitled to be paid a pension of $5.50 per fortnight for each unit for which the contributor was contributing at the time of retirement.
(2)
Subsection (1) does not apply to a contributor in respect of whom special provision for the payment of a pension or other retirement benefit is made under another provision of this Act.
(3)
If STC has made a determination under section 61RA in respect of a pension payable under this section, the amount of the pension is reduced by the amount specified in STC’s determination.
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