Superannuation Act 1916

An employee who attains the age of 70 years must be paid any pension to which the employee would be entitled on retirement at that age but—

may elect under section 21C to commute to a lump sum all or part of the pension, and

if such an election is made, may also elect to preserve the whole of the lump sum in the Fund.

(Repealed)

An employee may elect at any time on or after attaining 65 years and before attaining 70 years to be paid any pension to which the employee is entitled at the time but—

may elect under section 21C to commute to a lump sum all or part of the pension, and

if such an election is made, may also elect to preserve the whole of the lump sum in the Fund,

STC is to adjust the amount of a benefit payable under this section, having regard to any adjustment of a contributor’s account under section 8.

A benefit provided under subsection (1) (b) is to be paid out by STC on application by the person to whom it is payable under subsection (5).

A benefit under subsection (1) (b) is payable—

if the former contributor has not died—to the former contributor, or

if the former contributor has died and is survived by a spouse or de facto partner—to the former contributor’s spouse or de facto partner, or

if the former contributor has died and is not survived by a spouse or de facto partner—

to the former contributor’s personal representatives, or

if section 88A (Payment without grant of probate etc) applies and STC has made a decision under section 88A (1)—in accordance with section 88A (2).

A person entitled or who has elected to be paid to a benefit under this section is not entitled to any other benefit under this Act.