Commonwealth Numbered Acts

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 57

57. (1) Where a person is entitled to additional age retirement pension by
virtue of section 55, the annual rate of that pension is-

   (a)  an amount per annum equal to the amount (in this section referred to
        as
the ''base amount'') that is the product of his accumulated contributions and
such factor as, having regard to his age on his last day of service and such
other matters (if any) as are prescribed, is applicable to him in accordance
with regulations made for the purposes of this paragraph; or

   (b)  if the rate ascertained in accordance with paragraph (a) of this
        sub-section is greater than 20 per centum of his final annual rate of
        salary-20 per centum of his final annual rate of salary.

(2) Where the base amount is greater than an amount (in this sub-section
referred to as the ''maximum amount'') equal to 20 per centum of the amount
per annum that is his final annual rate of salary, there shall be paid to him
a lump sum benefit equal to the amount by which his accumulated contributions
exceed an amount ascertained by dividing the maximum amount by the factor
referred to in paragraph (1) (a).