Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 151, 1986 - SECT 23

23. (1) Section 62 of the Principal Act is amended-

   (a)  by omitting from sub-section (1) "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" and substituting "under this section"; and

   (b)  by omitting sub-sections (2) and (3) and substituting the following
        sub-section:

"(2) Where a person makes an election under sub-section (1), 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 equal to the sum of-

   (a)  31/2 times the amount of the person's accumulated basic contributions;
        and

   (b)  the amount of the person's accumulated supplementary contributions (if
        any).".

(2) Section 62 of the Principal Act is amended-

   (a)  by inserting in sub-section (1) ", or is about to cease," after

"ceases";

   (b)  by inserting in sub-section (1) "or will, upon so ceasing, be deemed,"
        after "deemed,"; and
(c) by omitting from sub-section (1) "his last day of service" and
substituting ", and not earlier than 3 months before, the day on which he or
she so ceases to be an eligible employee".