(1) In this section prescribed amount in relation to a contributor to whom subsection (2), (2A), (2B) or (4) applies is the lesser of—
(a) the amount of the maximum benefit for the contributor together with his initial credit benefit (if any)—
(i) where he retires, or is retired, as provided in subsection (2) or (2A) or is retrenched—at the date of his retirement or retrenchment, or
(ii) where he retires as provided in subsection (4)—on the day on which he attains the age of sixty years, and
(b) an amount equal to the sum of—
(i) the total of the amounts of his contributions to the Fund,
(ii) the amount of his initial credit, if any, and
(iii) interest, as provided by section 53, on the amounts referred to in subparagraphs (i) and (ii) in respect of the period that commenced on the date on which he became a contributor and ended on his attainment of the age of sixty years or his earlier retirement or retrenchment.
(iv) (Repealed)
(1A) In subsections (2) and (4), a reference to the prescribed service is a reference to not less than 5 years’ service.
(2) Where a contributor who has completed the prescribed service ceases to be employed by an employer by reason of his retirement on attaining the age of 60 years at the end of a period of not less than 5 years’ continuous service as a contributor, there shall be paid to him from the Fund as a lump sum benefit the amount referred to in subsection (2C).
(2A) Where a contributor who has completed not less than 10 years’ service ceases to be employed by an employer by reason of his retirement through infirmity of body or mind and the Board is satisfied that the infirmity—
(a) incapacitates the contributor from performing his duties, and
(b) is likely to be permanent,
there shall be paid to him from the Fund as a lump sum benefit the amount referred to in subsection (2C).
(2B) Where a contributor who has completed not less than 10 years’ service ceases to be employed by an employer by reason of his retrenchment, there shall be paid to him from the Fund as a lump sum benefit the amount referred to in subsection (3).
(2C) The amount payable under subsection (2) or (2A) to a contributor referred to therein is an amount equal to the sum of—
(a) the prescribed amount for the contributor,
(b) an allowance of an amount that is a percentage of the prescribed amount, being the percentage calculated, in accordance with the formula prescribed by Schedule 5, with respect to the number of months of service that had been completed by that person on or before his retirement, and
(c) if the contributor has paid contributions to the Fund in accordance with Schedule 3A—an allowance of an amount that is a percentage, being the percentage applicable in relation to the contributor under paragraph (b), of the difference between the prescribed amount and what the prescribed amount would have been if he had instead paid those contributions in accordance with Schedule 4A.
(3) The amount payable under subsection (2B) to a contributor referred to therein is an amount equal to the sum of—
(a) the prescribed amount for the contributor, and
(b) an allowance of an amount that is a percentage of the prescribed amount, being the percentage calculated, in accordance with the formula prescribed by Schedule 5, with respect to the number of months of service that had been completed by that person on or before his retrenchment.
(4) Where a contributor (not being a contributor who attained the age of sixty years on or before his election date under section 12) continues in the service of an employer after he attains the age of sixty years and then retires after completing the prescribed service and at the end of a period of not less than 5 years’ continuous service as a contributor, there shall be paid to him from the Fund as a lump sum benefit the amount referred to in subsection (5).
(5) The amount payable under subsection (4) to a contributor referred to therein is an amount equal to the sum of—
(a) an amount equal to the sum of—
(i) the total of the amounts of his contributions to the Fund, and
(ii) the amount of his initial credit, if any,
(b) interest, as provided by section 53, on the amounts referred to in paragraph (a) in respect of the period that commenced on the day on which he became a contributor and ended on the day on which he retired, and
(c) an allowance of an amount that is a percentage, being the percentage calculated, in accordance with the formula prescribed by Schedule 5, with respect to the number of months of service that had been completed by the contributor before his retirement, of the total of—
(i) the maximum amount for the contributor or the amount of the benefit for which he was contributing, being the benefit, including his initial credit benefit (if any), related to his annual wage at the age of 60 years, whichever is the lesser amount, and
(ii) interest on the lesser amount referred to in subparagraph (i) at the rate of 5½ per centum per annum compounded annually from the day on which he attained the age of 60 years until the day on which he retired.
(5A) In subsection (5) (c) (i), maximum amount, in relation to a contributor, means the amount of the maximum benefit for the contributor together with his initial credit benefit (if any) on the day on which he attained the age of 60 years.
(6) An election for the purposes of subsection (7) may be made by a contributor who retires on or after his attainment of the age of sixty years and, but for—
(a) his having completed, on his retirement, a period of less than five years’ continuous service as a contributor, or
(b) his having attained the age of sixty years on or before his election date under section 12,
would be entitled to a benefit under subsection (2), (2A) or (4).
(7) There shall be paid from the Fund to a contributor referred to in subsection (6) and in accordance with his election—
(a) a pension for himself for life on and from the day that next succeeds his retirement,
(b) a pension for himself for life on and from the day that next succeeds his retirement with an increase of ten per centum in the amount thereof at the expiration of the period of three years that next succeeds the first payment of pension and at the expiration of each succeeding period of three years, each such increase being calculated by reference to the rate at which that first payment of pension was made,
(c) a pension for himself for life on and from the day following his retirement and, if his spouse at the date on which the pension becomes payable is living at his death, a pension for that spouse for life, on and from the day that next succeeds his death, of an amount equal to five-eighths of the pension payable to him immediately before his death, or
(d) pensions as provided in paragraph (c), with either pension, or with both pensions, as may be specified in the election, being increased as provided in the case of a pension referred to in paragraph (b).
(8) The amount payable to a contributor as a pension under subsection (7) is the amount that, in the opinion of the Board, is the actuarial equivalent of the total benefit that would, but for a circumstance referred to in subsection (6) (a) or (6) (b), have been payable to him.
s 26: Am 1973 No 43, sec 2 (b) (am 1976 No 28, Sch 4 (1)), Sch 1; 1979 No 124, Sch 1 (4); 1983 No 63, Sch 1 (9); 1983 No 105, Sch 1 (9).