15BUBElection to be paid lump sum instead of pension under sec 15BF or 15BG

15BUB Election to be paid lump sum instead of pension under sec 15BF or 15BG

15BUB Election to be paid lump sum instead of pension under sec 15BF or 15BG

(1) A former contributor who is entitled to a pension under section 15BF (3) or 15BG (3) may, unless he also makes an election under section 15BV (1) (a), elect to be paid, instead of that pension or some part of that pension, a lump sum calculated in accordance with the following formula—

where—

L represents the lump sum payable,

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

A represents such number of the former contributor’s accrued pension points as are not to be applied in the provision of a pension under section 15BF (3) or 15BG (3).

(2) Where a former contributor is entitled to a pension under section 15BF (3) or 15BG (3) and elects under section 15BV to be paid a lump sum instead of a part of the pension, he may elect to be paid, instead of the whole or a part of the residue of his pension, a lump sum calculated in accordance with the following formula—

where—

L represents the lump sum payable,

B represents the lump sum that would have been payable to the former contributor under subsection (1) if it had been calculated on the basis of the whole of his pension,

G represents the lump sum to be paid under section 15BV,

M represents the maximum lump sum that would have been payable to the former contributor under section 15BV if the lump sum had been calculated on the basis of the whole of his pension,

H represents the annual rate of the residue of the former contributor’s pension under section 15BF (3) or 15BG (3), if any, that is not the subject of an election by the former contributor to be paid a lump sum under this subsection or section 15BV, and

Q represents the annual rate of pension that would have been payable to the former contributor under section 15BF (3) or 15BG (3) had he not elected under this subsection and section 15BV to be paid a lump sum.

ss 15BUA–15BUD: Ins 1980 No 191, Sch 3 (10).