Division 3B—Deferral of benefit for contributors aged 55 years and over in certain circumstances
52NElection to defer or preserve a benefit
(1)
A person to whom this Division applies may elect—
(a)
if the person would have been entitled to be paid a benefit under section 21 (1) or 21 (1B) had he or she ceased employment on his or her exit day—to defer that benefit (in this Division termed a deferred benefit) in accordance with this Division, or
(b)
in any other case—to preserve a benefit provided for by Division 3A which benefit is to be dealt with in accordance with that Division.
(2)
When a person has made a valid election under subsection (1) (b), a benefit is not payable to, or in respect of, that person—
(a)
under any other provision of this Act, and
(b)
unless that person has ceased employment or has died.
(3)
An employee may make only one election under this section but the election may relate to any single reduction in salary of 20% or more that occurs after the employee reaches 55 years of age (not just the first reduction that occurs).
