15BJRetrenchment after 10 years as a contributor

15BJ Retrenchment after 10 years as a contributor

15BJ Retrenchment after 10 years as a contributor

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

(a) who is retrenched by an employer after 10 or more years’ approved service,

(b) who had not attained the age of 60 years on or before the date of his retrenchment,

(c) who was a contributor immediately before his retrenchment, and

(d) who is not entitled to any benefits under section 15BH or 15BI.

(2) Subject to section 15BW, the board shall pay to the former contributor—

(a) the total amount standing to his credit in his servant’s account in the Pension Fund, and

(b) a lump sum calculated in accordance with the following formula—

where—

L represents the lump sum so payable,

S represents the former contributor’s final salary, and

A represents the number of the former contributor’s accrued pension points.

s 15BJ: Ins 1977 No 46, Sch 1 (4). Am 1980 No 191, Sch 3 (7).