Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 68

  (1)   A person who becomes, or is about to become, entitled to invalidity pension by virtue of subsection   66(1) may, not later than 3 months after becoming, but not earlier than 3 months before he or she becomes, so entitled, elect, by notice in writing to CSC, that, in lieu of benefit being payable in accordance with section   67, pension and lump sum benefit be paid in accordance with this section.

  (2)   Where a person makes an election under subsection   (1) and the period of prospective service of the person is not less than 30 years, then, subject to subsections   (3) and (4A), the annual rate of the pension to which the person is entitled is 50 per centum of that person's final annual rate of salary.

  (3)   Where a person makes an election under subsection   (1) and the period of contributory service of the person exceeds 30 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if that period of contributory service consists of 30 complete years and a part of a year--such percentage of the person's final annual rate of salary as is calculated in accordance with the formula:

    ;

    where:

"D" is the number of days included in that part of a year; or

  (b)   if that period of contributory service consists exactly of a number of complete years, or exceeds 40 years--such percentage of the person's final annual rate of salary as, having regard to the number of complete years included in that period, is applicable in accordance with columns 1 and 3 of Schedule   3; or

  (c)   if paragraphs   (a) and (b) do not apply--such percentage of the person's final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in that period of contributory service, is calculated in accordance with the formula:

    ;

    where:

"P" is the percentage referred to in paragraph   (b); and

"D" is the number of days included in that part of a year.

  (4)   Where a person makes an election under subsection   (1) and the period of prospective service of the person is less than 30 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if that period of prospective service consists exactly of a number of complete years--such percentage of the person's final annual rate of salary as, having regard to that number of years, is applicable in accordance with columns 1 and 3 of Schedule   4; or

  (b)   if that period of prospective service consists of a number of complete years and a part of a year--such percentage of the person's final annual rate of salary as is ascertained in accordance with the formula:

    ;

    where:

"P" 1 is the percentage referred to in paragraph   (a); and

"D" is the number of days included in that part of a year; and

"P" 2 is equal to:

  (i)   if the person's period of prospective service is not less than 20 years--1; or

  (ii)   if the person's period of prospective service is less than 20 years--2.

  (4A)   If:

  (a)   a person makes an election under subsection   (1); and

  (b)   the person's surcharge debt account is in debit when invalidity pension becomes payable to the person; and

  (c)   the person does not make an election under section   80B;

the annual rate of the pension to which the person is entitled is the rate worked out as provided in subsection   80D(1).

  (5)   Where a person makes an election under subsection   (1), the lump sum benefit to which the person is entitled is an amount equal to the person's accumulated contributions.

  (6)   A person who makes an election under section   69 is not entitled to make an election under subsection   (1) of this section.