Superannuation Act 1916

(Repealed)

If—

a contributor or former contributor becomes entitled to receive a pension under this Act, other than a specified invalidity pension, and

payment of the pension to the contributor or former contributor would, but for this subsection, not be consistent with relevant Commonwealth superannuation standards,

in a form that complies with those standards, or

in a form that is in accordance with this Act (apart from this section).

Even after such a pension has started to be paid in a form that is not consistent with relevant Commonwealth superannuation standards, the contributor or former contributor concerned is entitled to make an election or a further election to receive payment of the pension in a form that is consistent with relevant Commonwealth superannuation standards.

An election made and notified to STC in accordance with this section is sufficient authority for STC to pay a pension in accordance with the election of the contributor or former contributor concerned.

An election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards is irrevocable.

A contributor or former contributor who does not notify STC of the election of the contributor or former contributor under this section before the pension concerned starts to be paid is, subject to subsection (3), to be regarded as having elected to receive payment of that pension in the form provided by this Act (apart from this section).

If a contributor or former contributor makes an election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards, STC must ensure that the pension is varied only to the extent necessary to comply with those standards.

An election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards is binding not only on the contributor or former contributor who made the election but also on any person claiming a benefit under this Act through that contributor or former contributor.

If an election is made under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards, the pension is payable in that form despite any other provision of this Act to the contrary.

In this section—

a reference to a benefit or pension is a reference to the benefit or pension after reducing it in accordance with section 61RA or 61RC where appropriate, and

a reference to a superannuation scheme is a reference to a scheme, fund or arrangement (whether or not established by or under an Act) under or from which any superannuation or retirement benefits are provided, and

specified invalidity pension means a pension under section 29 other than a pension in respect of which the period for payment has been determined, in accordance with section 29 (4A) (b) or (5), to be for the remainder of the relevant person’s life.