Public Service Superannuation Regulations

19.1 An option may only be revoked under section 19 and a new option exercised under section 12, 12.1, 13 or 13.001 of the Act, or a new option exercised in favour of the transfer value referred to in section 13.01 of the Act, if

• (a) the contributor applies to the Minister to revoke the option and to exercise a new option within three months after the day on which they became aware that erroneous or misleading information was given;

• (b) the contributor would have chosen a different benefit or would have exercised the option at an earlier time if no erroneous or misleading information had been given;

• (c) in the case of a contributor who exercised an option under section 12, 12.1, 13 or 13.001 of the Act, any payment made to them as a result of the exercise of the option is, subject to section 20, repaid by them within three months after the date of a written notice advising them of the amount to be repaid, or in the case of a contributor who exercised an option in favour of the transfer value referred to in section 13.01 of the Act, any payment made as a result of the exercise of the option is repaid within six months after the date of the notice;

• (d) any payment made to the contributor under the Retirement Compensation Arrangements Regulations, No. 1 as a result of the exercise of the option is repaid to the Retirement Compensation Arrangements Account established under the Special Retirement Arrangements Act within the same time limits as provided for the repayment of the benefit under paragraph (c); and

• (e) in the case of a contributor who seeks to revoke an option in favour of the transfer value referred to in section 13.01 of the Act based on having received erroneous or misleading information in respect of the amount of any benefit under section 12, 12.1, 13, 13.001 or 13.01 of the Act, there is a difference of at least 5% between the actual amount of the benefit and the amount that the erroneous or misleading information had indicated would be payable.