15BKResignation or dismissal after 10 years as a contributor

15BK Resignation or dismissal after 10 years as a contributor

15BK Resignation or dismissal after 10 years as a contributor

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

(a) who ceases (otherwise than by reason of his death or retrenchment) to be a servant after 10 or more years’ approved service,

(b) who had not attained the age of 60 years on or before the date on which he ceased to be a servant,

(c) who was a contributor immediately before he ceased to be a servant, 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,

T represents the total amount referred to in paragraph (a), and

Y represents the number (not exceeding 40) of the former contributor’s completed periods of 12 months of approved service.

s 15BK: Ins 1977 No 46, Sch 1 (4). Am 1979 No 7, Sch 4 (3).