15BRConversion of lump sum to pension

15BR Conversion of lump sum to pension

15BR Conversion of lump sum to pension

(1) A person may, in a form approved by the board, elect to convert to pension the whole or part of an amount payable, on or after attaining the age of 60 years, to him under section 15BF (2), 15BG (2) or 15BH (2).

(2) An election under this section must—

(a) in the case of an amount payable to a person under section 15BF (2) or 15BG (2)—be received in the office of the board before the person concerned ceases to be a servant, or

(b) in the case of an amount payable to a person under section 15BH (2)—be received in the office of the board within 3 calendar months (or within such further period as the board may in special circumstances allow) after he became totally and permanently disabled.

(3) A male contributor may elect to convert an amount to pension at the appropriate rate in Column 2 or 3 of Schedule D, and the rate at which an amount may be converted to pension by a woman contributor is the appropriate rate in Column 3 or Column 4 of that Schedule.

(4) As from the time when a pension becomes payable to a person who makes an election in accordance with this section, the board shall pay him an additional pension, calculated in accordance with the following formula—

where—

B represents the pension, expressed at an annual rate,

L represents the amount to be converted to pension, and

C represents the appropriate number in Column 2, 3 or 4 of Schedule D, having regard to the person’s age as from when the pension becomes payable, and to whether the person is a man or a woman.

(5) (Repealed)

(6) A person may, with the consent of the board, withdraw an election under this section, if additional pension has not been paid pursuant to the election.

(7) An election under this section shall be deemed to have lapsed if additional pension has not been paid pursuant to the election within one year after the election was received in the office of the board.

(8) If a contributor who, under this section, has converted an amount to pension at the rate specified in column 3 of Schedule D dies leaving a widow or widower, the board shall—