Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1AA) This section does not apply to a person who makes an election under subsection 61AB(1).
(1) Where a person is entitled to additional early retirement pension by virtue of section 59, then, subject to subsection (1A), 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 or her accumulated contributions and the factor applicable to him or her under subsection (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 or her notional final annual rate of salary.
(1A) If:
(a) a person is entitled to additional early retirement pension by virtue of section 59; and
(b) the person's surcharge debt account is in debit when the pension becomes payable to the person; and
(c) the person makes an election under section 80C;
the annual rate of that pension is the rate worked out as provided in subsection 80D(2).
(2) Where the base amount is greater than an amount (in this subsection 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 or her a lump sum benefit equal to the amount by which his or her accumulated contributions exceed an amount ascertained by dividing the maximum amount by the factor applicable to him or her under subsection (3).
(3) The factor applicable to a person for the purposes of subsections (1) and (2) is such factor as, having regard to his or her age on his or her last day of service and such other matters (if any) as are prescribed, is applicable to him or her in accordance with regulations made for the purposes of this subsection.
(4) In this section:
"notional final annual rate of salary" , in relation to a person, means the annual rate of the person's final annual rate of salary reduced by such percentage of that rate as, having regard to his or her age on his or her last day of service and such other matters (if any) as are prescribed, is applicable to him or her in accordance with regulations made for the purposes of this definition.