Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 72

  (1)   A person:

  (a)   who becomes, or is about to become, entitled to invalidity benefit by virtue of subsection   66(2); and

  (b)   whose period of contributory service, at the time of his or her so becoming entitled to invalidity benefit is, or will be, less than 15, but not less than 8, years;

may, not later than 3 months after becoming, but not earlier than 3 months before he or she becomes, so entitled, elect, by notice in writing to CSC, that, in lieu of benefit being payable in accordance with section   70, lump sum benefit be paid in accordance with this section.

  (2)   Where a person makes an election under subsection   (1), then, subject to subsection   (3), 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)   3 ½ 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).

  (3)   If:

  (a)   a person makes an election under subsection   (1); and

  (b)   the person's surcharge debt account is in debit when invalidity pension becomes payable to the person;

the lump sum benefit to which the person is entitled is an amount equal to the difference between:

  (c)   the amount that would be payable to the person under subsection   (2) if this subsection did not apply to the person; and

  (d)   the person's surcharge deduction amount.

  (4)   A person who makes an election under section   71 is not entitled to make an election under subsection   (1) of this section.