Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 151, 1986 - SECT 27

27. (1) Section 69 of the Principal Act is amended 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 lump sum
benefit to which the person is entitled is an amount equal to whichever is the
greater of-

   (a)  the sum of-

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

        (ii)   the amount of the person's accumulated supplementary
               contributions (if any); or

   (b)  the sum of-

        (i)    one-half of the amount that is the amount per annum of the
               person's final annual rate of salary; and

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

(2) Section 69 of the Principal Act is amended-

   (a)  by inserting in paragraph (1) (a) ", or is about to become," after

"becomes";

   (b)  by omitting from paragraph (1) (b) "is less than 8 years," and
        substituting ", at the time of his or her so becoming entitled to
        invalidity benefit is, or will be, less than 8 years,"; and

   (c)  by inserting in sub-section (1) ", but not earlier than 3 months
        before
he or she becomes," after " becoming".