Exempt officers
34A Exempt officers
A member who becomes an exempt officer is entitled up to the date of becoming an exempt officer to a deferred lump sum equal to his or her accrued retirement benefit.
A benefit under this section—
must be indexed in accordance with section 46; and
S. 34A(2)(b) amended by No. 4/1996 s. 131(1).
must be preserved and is payable in accordance with the specified standards.
S. 34A(3) inserted by No. 95/2000 s. 21(1).
A member who is entitled to a deferred benefit may elect in writing to the Board to—
convert the entitlement to a present lump sum; and
S. 34A(3)(b) substituted by Nos 40/2004 s. 41(2), 37/2007 s. 50.
have the lump sum rolled over or transferred within the superannuation system as nominated by the member.
S. 34A(4) inserted by No. 95/2000 s. 21(1).
The method of calculating the conversion under subsection (3) is to be determined by the Minister on the advice of an actuary appointed by the Board.
This Act’s bill:Second reading speech
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