Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 73

  (1)   This section applies to a person:

  (a)   who is entitled to invalidity benefit by virtue of subsection   66(2); and

  (b)   whose period of contributory service is less than 8 years.

  (2)   Subject to subsection   (3), the lump sum benefit to which a person to whom this section applies 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 the person's surcharge debt account is in debit when invalidity benefit becomes payable to the person, the lump sum benefit to which the person is entitled is an amount equal to the difference between:

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

  (b)   the person's surcharge deduction amount.