Deferred retirement benefits
38 Deferred retirement benefits
S. 38(1) amended by Nos 10258 ss 9(c)(i), 10(w)(i)(A)(B), 58/1987 s. 11(1)(i)(i)(A) (B), 81/1988 s. 22(1)(a), 120/1994 s. 52(a).
Subject to subsections (2) and (3), a member may, within 3 months of resigning, elect to be entitled to deferred retirement benefits in accordance with the provisions of the Superannuation (Portability) Act 1989 in lieu of accepting any payments pursuant to section 37 as if the member had resigned in order to accept full time employment, within the terms of section 5 of that Act.
S. 38(2) amended by No. 10258 ss 9(c)(ii), 10(w)(ii), substituted by No. 58/1987 s. 11(1)(i)(ii), amended by No. 81/1988 s. 22(1)(b).
Deferred retirement benefits are calculated and payable—
S. 38(2)(a) amended by Nos 4/1996 s. 99(2), 94/2005 s. 31.
on the member having attained the age of 55 years except for that part of the deferred benefit which is subject to the specified standards; or
on the member retiring on the grounds of a disability approved by the Board for the purposes of this subsection—
whichever occurs first.
S. 38(2A) inserted by No. 95/2000 s. 16(3).
A member who is entitled to a deferred retirement benefit under subsection (1) may elect in writing to the Board to—
convert the entitlement to a present lump sum; and
S. 38(2A)(b) substituted by Nos 40/2004 s. 20(4), 37/2007 s. 23.
have the lump sum rolled over or transferred within the superannuation system as nominated by the member.
S. 38(2B) inserted by No. 95/2000 s. 16(3).
The method of calculating the conversion under subsection (2A) is to be determined by the Minister on the advice of an actuary appointed by the Board.
S. 38(3) amended by Nos 10258 ss 9(c)(iii), 10(w)(iii), 58/1987 s. 11(1)(i)(iii).
On the death of a member entitled to deferred retirement benefits there shall be payable—
S. 38(3)(a) amended by Nos 10258 s. 9(c)(iii), 27/2001 s. 5(Sch. 3 item 4.3).
to his partner during the life of the partner a pension of an amount equal to two-thirds of the deferred pension to which he would have been entitled if he had attained the age of 60 years on the date of his death together with the deferred lump sum and interest thereon to the date of death at a rate determined by the Board;
S. 38(3)(b) amended by No. 10258 s. 10(w)(iii), substituted by No. 120/1994 s. 45.
in respect of any child of the deceased member, a pension calculated as though the member was a contributor at the date of his or her death; or
S. 38(3)(c) inserted by No. 10258 s. 10(w)(iii), 27/2001 s. 5(Sch. 3 item 4.3).
to the personal representative of the deceased member if the deceased member left no partner or child to whom paragraph (a) or (b) applied, the deferred lump sum and interest thereon to the date of death at the rate specified by the Board under section 37.
S. 38(4) inserted by No. 10258 s. 10(w)(iv).
A person who resigns and under subsection (1) elects to be entitled to deferred retirement benefits may, within 6 months of resigning, cancel that election and that person shall thereupon be entitled to receive benefits payable under section 37.
This Act’s bill:Second reading speech
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