37   Benefit at or after early retirement or on death at or after early retirement age

(1)  The benefit provided by this section is payable by STC when a contributor retires from employment with an employer on or after reaching the early retirement age or dies during employment with an employer on or after reaching that age and is so payable:

(a)  where the benefit becomes payable on the contributor retiring—to the contributor,

(b)  where the benefit becomes payable on the death of the contributor and the contributor is survived by a spouse or de facto partner—to the contributor’s spouse or de facto partner, or

(c)  where the benefit becomes payable on the death of the contributor and the contributor is not survived by a spouse or de facto partner—to the personal representatives of the contributor or, if appropriate, in accordance with section 51 (Payment without grant of probate etc).

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

(2)  The benefit provided by this section is an amount equal to the sum of:

(a)  the amount of the contributor-financed benefit, and

(b)  an amount of employer-financed benefit calculated in accordance with the formula:

where:

E represents the amount to be ascertained,

F represents the contributor’s final average salary, and

A represents the accrued benefit points for the contributor at the contributor’s exit date.

(3)  If STC makes a determination under section 45A in relation to a benefit to be provided by this section, the amount of that benefit is reduced by the amount specified in STC’s determination.