Pensions at early retirement age
52D Pensions at early retirement age
A person referred to in section 52A (1) who has not received any other benefit under this Division and who applies to STC to receive a pension under this section is entitled to receive that pension—
on the person’s attaining the age of 55 years,
on the expiration of the period of ten years after the person last became a contributor, or
on receipt by STC of the application,
whichever is the latest.
The pension provided by this section is not payable under subsection (1) to a person who elected to provide for the benefit under section 20AB unless the requirements of section 20AB (5) (d) are satisfied.
The pension which a person is entitled to receive under this section is a pension of an amount per fortnight calculated in accordance with the following formula—
where—
TP is the amount of the pension.
P1 is the employee-contributed pension component calculated in relation to the person.
P2 is the employer-financed pension component calculated in relation to the person and as adjusted by the operation (if any) of section 52B.
TM is the number of years, if any, (including any fractional part of a year calculated on a daily basis) by which the day from which the pension commences to be payable precedes the date on which the person attains the age of 60 years.
This Act applies to and in respect of a person who is entitled to a pension under this section in the same way as it applies to and in respect of a contributor who is entitled to a pension under section 28A and so applies as if the pension payable under this section were a pension payable under that section.
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