New South Wales Consolidated Regulations

PUBLIC AUTHORITIES SUPERANNUATION (TRANSPORT RETIREMENT FUND CLOSURE) (SAVINGS AND TRANSITIONAL) REGULATION 1986 - REG 11

11 Choice of benefit--transferred contributor

(1) A transferred contributor who retires and thereby becomes entitled to be paid the benefit provided by section 26 (benefit at age 65 or on early retirement or on death at or after age 60) or 28 (benefit on total and permanent disablement before age 60) may elect, in accordance with the Public Authorities Superannuation (Transitional Provisions) Regulation 1985 , to take, instead of the whole or a specified part of that benefit, the benefit provided by subclause (2) or (3).

(2) The benefit provided by this subclause is a pension for the transferred contributor for life determined as provided by subclause (4).

(3) The benefit provided by this subclause is:

(a) a pension for the transferred contributor for life determined as provided by subclause (4), and

(b) where the pensioner dies leaving a spouse--a pension for the spouse for life at an annual rate equal to 62.5 per cent of the annual rate of pension payable to the deceased pensioner immediately before his or her death.

(4) The benefit payable under subclause (2) or (3) shall be the actuarial equivalent, determined by the Board, of the benefit or part of the benefit that would have been payable if an election under subclause (1) had not been made.

(5) If a pensioner elected to take the benefit provided by subclause (3), the benefit is taken to extend to the de facto partner of a deceased pensioner who dies on or after the commencement of this subclause.

Note: "De facto partner" is defined in section 21C of the Interpretation Act 1987 .