Commutation of pension to lump sum to pay surcharge liability
11 Commutation of pension to lump sum to pay surcharge liability
On retirement, a person to whom this Act applies, by notice in writing to the Minister, may elect to commute sufficient of his or her pension under this Act to a lump sum payment in order to discharge his or her surcharge liability.
On receipt of the notice, the Minister must commute sufficient of the person's pension to a lump sum payment and pay it to that person to enable that person to discharge his or her surcharge liability.
The Minister must determine the lump sum in accordance with the appropriate age, marital and gender factors specified for a pension in force under the Public Sector Superannuation Reform Act 2016.
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