15BGRetirement at or over age 60, but under age 65

15BG Retirement at or over age 60, but under age 65

15BG Retirement at or over age 60, but under age 65

(1) In this section, the former contributor means a person—

(a) who ceases (otherwise than by reason of his death) to be a servant on or after the day on which he attains the age of 60 years but before the day on which he attains the age of 65 years,

(b) who was a contributor immediately before he so ceased to be a servant, and

(c) who is not entitled to any benefits under section 15BH.

(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 to sections 15BUB and 15BV, the board shall also pay to the former contributor a pension calculated in the manner set out in section 15BF (3), but the pension shall be reduced—

(a) if, on or before the day on which he ceased to be servant, he had not attained the age of 61 years—by 12½ per centum,

(b) if, on or before that day, he had attained the age of 61 years but not 62 years—by 10 per centum,

(c) if, on or before that day, he had attained the age of 62 years but not 63 years—by 7½ per centum,

(d) if, on or before that day, he had attained the age of 63 years but not 64 years—by 5 per centum,

(e) if, on or before that day, he had attained the age of 64 years—by 2½ per centum.

(4) Section 15BF (4) applies to a former contributor under this section in the same way as it applies to a former contributor under section 15BF.

s 15BG: Ins 1977 No 46, Sch 1 (4). Am 1979 No 7, Sch 4 (2); 1980 No 191, Sch 3 (4).