15BFAttaining age of 65

15BF Attaining age of 65

15BF Attaining age of 65

(1) In this section, the former contributor means a person who attains the age of 65 years and who was a contributor immediately before he attained that age.

(2) Subject to section 15BW, the board shall pay to the former contributor the total amount standing to his credit in his servant’s account in the Pension Fund.

(3) Subject to subsection (4) and sections 15BUB and 15BV, the board shall also pay to the former contributor a pension, calculated in accordance with the following formula—

where—

B represents the pension, expressed at an annual rate,

F represents the former contributor’s final average salary, and

A represents the former contributor’s accrued pension points.

(4) Where a former contributor—

(a) is entitled to a pension under subsection (3),

(b) is not entitled to make or, being entitled to do so, does not make, an election under section 15BV (1) (a), and

(c) elects under section 15BUB (1) to be paid, instead of part of the pension, a lump sum that is less than the maximum lump sum he could elect under section 15BUB (1) to be paid,

the pension to which he is entitled after payment of the lump sum is a pension calculated in accordance with the following formula—

where—

E represents the annual rate of pension to which the former contributor is entitled after payment of the lump sum,

B represents the annual rate of pension that would have been payable to the former contributor but for his election to be paid the lump sum,

G represents the amount of the lump sum elected to be taken, and

L represents the maximum amount of lump sum that the former contributor could have elected to be paid instead of pension, calculated in accordance with the formula specified in section 15BUB (1).

s 15BF: Ins 1977 No 46, Sch 1 (4). Am 1980 No 191, Sch 3 (3).