Commutation of pension to lump sum
10A Commutation of pension to lump sum
A person to whom this Act applies may elect, by notice in writing given to the Minister, to commute the whole or part of his or her residual pension to a lump sum payment in accordance with the following table:–
| Date of retirement | Maximum percentage of residual pension to be commuted |
|---|---|
| between 1 July 1999 and 30 June 2000 | 20% |
| between 1 July 2000 and 30 June 2001 | 40% |
| between 1 July 2001 and 30 June 2002 | 60% |
| between 1 July 2002 and 30 June 2003 | 80% |
| from 1 July 2003 onwards | 100% |
Subsection (1) also applies to a person to whom this Act applies and who retired from office after 1 July 1999 and before the commencement of the Superannuation (Parliament, Judiciary and Statutory Legal Officers) Reform Act 1999.
On receipt of a notice under subsection (1), the Minister must commute the amount requested by the person to a lump sum payment and pay it to him or her after deducting any tax payable.
The lump sum conversion factors are to be determined by the Minister, on the advice of the Actuary, and are to be specified in a notice published in the Gazette.
A notice under subsection (4) is not a statutory rule for the purposes of the Rules Publication Act 1953.
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