New South Wales Consolidated Acts

SUPERANNUATION ACT 1916 - SECT 52I

52I Cash termination benefit

(1) A person referred to in section 52A (1) who has not received any other benefit under this Division may, at any time, apply to STC for a cash termination benefit under this section.

(2) On receipt by STC of an application made by a person in accordance with subsection (1), there shall be payable to the person:

(a) if the person was retrenched from the service of an employer-the lump sum payment to which the person would have been entitled under section 38B in consequence of the retrenchment if the person had elected under that section to take a lump sum benefit, or

(b) if the person resigned or was dismissed or discharged from the service of an employer-the lump sum payment to which the person would have been entitled under section 38A in consequence of the resignation, dismissal or discharge.

(2A) STC is to adjust the amount of a benefit payable under this section, having regard to any adjustment of a contributor’s account under section 8.

(3) An application made in accordance with subsection (1) shall be deemed to be revoked if the person dies before payment of the cash termination benefit applied for, leaving a spouse or de facto partner to whom, but for the payment of that benefit, a pension would, on application, be payable under this Act.

(4) Where a person referred to in section 52A (1) dies without having received a benefit under this Division and without leaving a spouse or de facto partner (or leaving a spouse or de facto partner who dies without having received a benefit under this Division), the person shall, unless the person leaves a child or children in respect of whom pension is payable under this Act or would, but for this section, be so payable, if application is made to STC for a benefit under this section, be deemed to have applied for a cash termination benefit under subsection (1) immediately before the death, and the money payable under subsection (2) shall be paid by STC to the person’s personal representatives or, where the person has no personal representatives, to such persons as STC may determine.

(5) Where a person referred to in section 52A (1) dies without having received a benefit under this Division leaving a child or children in respect of whom pension is, on application, payable under this Act or would, but for this section, be so payable, STC may, on receipt by it of an application for a benefit under this section, or section 52FA or 52G:

(a) pay the cash termination benefit under this section as if the person had not died leaving the child or children, in which case a pension or pensions shall not be payable under this Act in respect of the child or children, or

(b) pay a pension or pensions in respect of the child or children as if this section had not been enacted,

whichever STC considers to be in the best interests of the child or children.