15CFWhere gratuities or untaken sick leave payable

15CF Where gratuities or untaken sick leave payable

15CF Where gratuities or untaken sick leave payable

(1) In this section—

employer-financed benefits means—

(a) a pension payable under section 15BF (3), 15BG (3), 15BH (3) or 15BM (3), or

(b) a lump sum payable under section 15BI (2) (b), 15BJ (2) (b), 15BK (2) (b), 15BN (2) (b) or (5), 15BUB, 15BUC (1) or (4), 15BUD, 15BUE or 15BV.

hypothetical maximum pension points, in relation to a transferee who ceases to be a contributor, means the number of pension points that the transferee would have accrued if they had been calculated at the rate of one-half a pension point for each whole month during which the transferee was—

(a) the holder of a current insurance policy under Part 2,

(b) a person in respect of whom contributions were being made under Part 3 to the Provident Fund,

(c) a contributor within the meaning of Part 3B, or

(d) a contributor within the meaning of Part 3D.

maximum employer-financed benefit, in relation to a transferee who ceases to be a contributor, means—

(a) where, immediately before ceasing to be a contributor, the number of the transferee’s accrued pension points was equal to the number of his hypothetical maximum pension points—the amount of the employer-financed benefits payable upon his ceasing to be a contributor, or

(b) in any other case—the amount of the employer-financed benefits that would have been payable upon the transferee ceasing to be a contributor if, immediately before his ceasing to be a contributor, the number of his accrued pension points had been equal to the number of his hypothetical maximum pension points.

special sum pension points means, for the purpose of calculating an employer-financed benefit as provided by subsection (4), pension points calculated under subsection (1A), (1B) or (1C), as the case may require.

(1A) For the purposes of the definition of special sum pension points in subsection (1), where the employer-financed benefit is—

(a) a pension payable under section 15BF (3) or 15BG (3),

(b) a lump sum payable under section 15BUB or 15BV (2),

(c) partly a lump sum payable under section 15BUB and the remainder a lump sum payable under section 15BV (2),