47Election to receive full pension on early retirement

47 Election to receive full pension on early retirement

(1) Notwithstanding the provisions of regulations 32 and 45, a male contributor who retires on or after reaching the age of fifty years, or a female contributor who retires on or after reaching the age of forty‑five years may elect to receive a pension. (2) The pension entitlement is an amount per annum equal to the sum of: (a) an amount of Ninety‑one dollars multiplied by the number of units to which the contributor was entitled at the time of retirement; and (b) an amount certified by the Commonwealth Actuary to be the actuarial equivalent of the sum of Sixty‑nine dollars thirty‑three cents multiplied by the number of non‑contributory units which would have been applicable to the contributor on reaching sixty years of age in the case of a male contributor or fifty‑five years of age in the case of a female contributor. (3) The pension shall be payable when the contributor has contributed such amount as the Board determines to enable the pension calculated in accordance with subregulation (2) to be paid to the contributor. (4) An amount to be contributed in accordance with subregulation (3) may be paid: (a) in a lump sum; or (b) where the relevant contributor has been granted permission under regulation 51, by way of deductions from the fortnightly payments of pension in accordance with that regulation. (5) In calculating the number of units to which a contributor is entitled in accordance with paragraph (2)(a), where the contributor became a contributor on or after the date of commencement of the Superannuation (Papua and New Guinea) Ordinance 1960 and by virtue of his retirement ceases to be a contributor at an earlier age than his selected retiring age: (a) that earlier age shall be deemed to have been his selected retiring age; and (b) where necessary, by reason of reduction of the number of years of prospective service, the aggregate of the number of units of pension for which he was required to contribute and the number of non‑contributory units which were applicable to him shall be deemed to have been reduced accordingly, in reverse order to the order of acquisition of entitlement. (6) For the purposes of this regulation: (a) the selected retiring age of a contributor is: (i) in the case of a contributor who has made an election under section 29A of the Superannuation Ordinance or under regulation 16—the age of fifty‑five years in the case of a male contributor or fifty years in the case of a female contributor; and (ii) in any other case—the age of sixty years in the case of a male contributor or fifty‑five years in the case of a female contributor; and (b) the number of years of prospective service of a contributor is: (i) in the case of a contributor who has paid to the Board under section 82B of the Superannuation Ordinance an amount refunded to him from a Public Service Superannuation Fund as defined in section 82A of that Ordinance—the number of completed years between the date he became a contributor to that Public Service Superannuation Fund and the date upon which he will attain his selected retiring age; and (ii) in any other case—the number of complete years between the date he became an employee and the date upon which he will attain his selected retiring age.