Victorian Current Acts Victorian Current Acts(1) If a person entitled to a deferred retirement benefit dies there is payable to his or her personal representative or dependants the benefits that the administrators determine having regard to—
S. 7(1)(a) substituted by No. 82/1996 s. 69(1).
(a) the governing instrument of the member's statutory superannuation scheme as in force at the time the member made the election under section 5(1); and
S. 7(1)(b)(c) repealed by No. 82/1996 s. 69(1).
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(d) any other matter they consider relevant.
(2) If a person entitled to a deferred retirement benefit ceases to be gainfully employed on account of disability there is payable the benefits that the administrators determine having regard to—
S. 7(2)(a) substituted by No. 82/1996 s. 69(2).
(a) the governing instrument of the member's statutory superannuation scheme as in force at the time the member made the election under section 5(1); and
S. 7(2)(b)(c) repealed by No. 82/1996 s. 69(2).
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(d) any other matter they consider relevant.
(3) If any person is in receipt of a deferred retirement pension he or she is entitled to receive any increase in the amount of the pension payable under the terms of the statutory superannuation scheme or in accordance with any decision of the administrators on the same basis as other persons receiving pensions under the statutory superannuation scheme.
(4) If the aggregate of—
(a) lump sum benefits payable from statutory superannuation schemes; and
(b) pensions payable for statutory superannuation schemes multiplied by CR—
exceeds 8·4 times the final salary of the member the last deferred retirement benefit granted under this Act must be reduced so that the aggregate does not exceed that multiple of final salary.
S. 7(5) amended by No. 27/2001 s. 5(Sch. 3 item 6.3).
(5) If a person becomes entitled to a deferred retirement pension and the pension under the statutory superannuation scheme carried an entitlement to a partner pension, the entitlement to the deferred retirement pension carries with it an entitlement to a partner pension on the same basis as under the statutory superannuation scheme.
S. 7(6) amended by No. 40/2004 s. 40(1).
(6) If a member entitled to a deferred retirement
pension reaches the minimum retirement age fixed in the governing instrument
of the member's statutory superannuation scheme at any age other than
60 years, the amount of the deferred retirement pension is the amount
calculated under section 6 multiplied by 
.
S. 7(7) inserted by No. 72/1990 s. 16, amended by No. 40/2004 s. 40(2).
(7) If a person who would be entitled to a deferred retirement benefit by the operation of section 5 is subject to the termination of his or her employment prior to attaining the minimum retirement age fixed in the governing instrument of the member's statutory superannuation scheme on a ground other than disability or death, he or she may elect to receive—
(a) a cash benefit equal to a refund of the contributions paid by him or her and interest at the prescribed rate; and
S. 7(7)(b) amended by No. 46/1998 s. 7(Sch. 1).
(b) a deferred retirement benefit reduced by such amount as is determined by the Minister on the advice of an actuary.
S. 7(7A) inserted by No. 95/2000 s. 18(2).
(7A) A person who is entitled under subsection (7) to a deferred retirement benefit by the operation of section 5 may elect in writing to the administrators to—
(a) convert the entitlement to a present lump sum; and
S. 7(7A)(b) substituted by Nos 40/2004 s. 39(2), 37/2007 s. 45.
(b) have the lump sum rolled over or
transferred within the superannuation system as nominated by the person.
S. 7(7B) inserted by No. 95/2000 s. 18(2).
(7B) The method of calculating the conversion under subsection (7A) is to be determined by the Minister on the advice of an actuary appointed by the administrators.
S. 7(8) inserted by No. 110/1993 s. 149.
(8) Subsection (7) applies in respect of any deferred retirement benefit to which a person may be entitled as a result of a previous transfer to a different category of membership or scheme in the same Fund or to another Fund established by or under an Act if the deferred retirement benefit and the benefit preserved under this Act relate to a period of continuous employment.
S. 7A
inserted by No. 13/1999 s. 16.