Commonwealth Numbered Acts

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 62

62. (1) Where a person who ceases to be an eligible employee by reason of
early retirement is deemed, by sub-section 58 (3), to have retired
involuntarily, the person may, not later than 1 month after his last day of
service, elect by notice in writing to the Commissioner, that, in lieu of
pension and lump sum benefit being payable under section 59, a lump sum
benefit be paid under sub-section (2) of this section and, where he had paid
supplementary contributions, an additional lump sum benefit in accordance with
sub-section (3) of this section.

(2) Where a person makes an election under sub-section (1) of this section,
the person is entitled, in lieu of pension and lump sum benefit to which, but
for the election, the person would be entitled under section 59, to payment of
a lump sum benefit of an amount equal to 31/2 times the amount of his
accumulated basic contributions.

(3) Where a person makes an election under sub-section (1) and the person has
paid supplementary contributions, the person is entitled to payment out of the
Fund of a lump sum benefit equal to the person's accumulated supplementary
contributions.