29Directors' superannuation

29 Directors' superannuation

(1)  A benefit that is payable to a person who ceases to be a director of TOFS consequent on section 28 is to be calculated in accordance with –

(a) regulation 54 of the Retirement Benefits Regulations 1994 if the person has attained the age of 55 years before the termination day; or

(b) regulation 55 of the Retirement Benefits Regulations 1994 if the person has not attained the age of 55 years before the termination day.

(2)  TOFS must, immediately before the termination day, pay to the Public Account an amount equal to –

(a) the aggregate of the benefit entitlements of the persons who cease to be directors of TOFS on that day, calculated in accordance with subsection (1) ; and

(b) the aggregate of the benefit entitlements that immediately before the termination day are payable to former directors of TOFS and which have been preserved in the compulsory preservation account established under regulation 63 of the Retirement Benefits Regulations 1994 .

(3)  In this section –

former director means a person who has at any time been a director of TOFS but who was not a director of TOFS immediately before the termination day;

termination day means the day on which TOFS is dissolved and the directors of the Board of TOFS cease to hold office as provided by section 28 .