Commonwealth Numbered Acts

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 61

61. (1) Where a person is entitled to additional early retirement pension by
virtue of section 59, 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
the factor applicable to him under sub-section (3); or

   (b)  if the rate ascertained in accordance with paragraph (a) is greater
        than 20 per centum of the notional final annual rate of salary of the
        person-20 per centum of his notional 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 the notional final annual rate of salary of the person,
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 applicable to him under sub-section (3).

(3) The factor applicable to a person for the purposes of sub-sections (1) and
(2) is the factor that would be applicable to him in accordance with paragraph
57 (1) (a) if his age on his last day of service had been 60 years, reduced by
4 per centum for each year, or part of a year, included in the period
commencing on the day immediately following his last day of service and ending
on the day immediately preceding the day on which the 60th anniversary of his
birth will occur.

(4) In this section, ''notional final annual rate of salary'', in relation to
a person, means the annual amount of the person's final annual rate of salary
reduced by 4 per centum of that amount for each year, or part of a year,
included in the period commencing on the day immediately following his
last day of service and ending on the day immediately preceding the day on
which the 60th anniversary of his birth will occur.