Electricity (Supply) (Amendment) Act, 1958

Surrender of certain allowances in return for annuity to wife or dependant.

15.—(1) Subject to such conditions and limitations as may be specified by the Board, a person to whom section 14 or section 15 of the Superannuation Act of 1942 applies and whom the Board consider to be of good health retiring from the service of the Board may, with the consent of the Board, surrender, as from its commencement, the whole or part of any allowance that may be granted to that person by the Board under either of those sections in return for the grant by the Board under this section of an annuity to one dependant of that person specified by that person or, if the person making the surrender is a man, to his wife.

(2) An annuity under this section shall be granted so as to be of such value as, on the date of retirement, is actuarially equivalent to what is surrendered.

(3) An annuity under this section shall be payable during the period (if any) for which the wife or dependant survives the person making the surrender.

(4) Where an obligation is imposed on the Board by virtue of section 8 of the Act of 1949 to pay an allowance under section 14 or section 15 of the Superannuation Act of 1942, that obligation shall not have effect in respect of an allowance surrendered under this section or, where a part thereof is surrendered under this section, in respect of that part.

(5) For the purposes of this section, a person to whom subsections (2) and (3) of section 15 of the Superannuation Act of 1942 is applied by section 11 of the Act of 1949, subject to the modification therein specified, shall be regarded as a person to whom the said section 15 applies.

(6) In this section “dependant” means, in relation to a person to whom the said section 14 or the said section 15 applies, a member of the family of such person (being the father, mother, step-father, step-mother, son, daughter, grandson, grand-daughter, step-son, step-daughter, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, son-in-law or daughter-in-law) who, at the time when such person notifies the Board of his wish to make a surrender under this section, is wholly or in part dependent on the earnings of such person.