15VLump sum benefit on retirement

15V Lump sum benefit on retirement

15V Lump sum benefit on retirement

(1) Subject to section 15Z, where a contributor (in this section referred to as the former contributor)—

(a) being a male, ceases to be employed by a council on or after the day on which he attains the age of sixty years and before he attains the age of sixty-five years,

(b) being a female, ceases to be employed by a council on or after the day on which she attains the age of fifty-five years and before she attains the age of sixty-five years, or

(c) attains the age of sixty-five years,

the board shall pay to the former contributor the total amount standing to the credit of the former contributor in his or her servant’s account.

(2) A payment under subsection (1) shall not be made until the expiration of a period of twenty-eight days after the former contributor has ceased to be employed by the council unless within that period he or she applies to the board for the payment to be made.

ss 15U–15X: Ins 1968 No 6, sec 2 (d).