15Members' superannuation benefit

15 Members' superannuation benefit

S. 15(1) amended by Nos 8663 s. 6, 9117 s. 2(a), substituted by No. 110/1993 s. 103(1).

(1) In this section—

"FS", in relation to a person, means TS less PS;

"PS", in relation to a person, means the aggregate period, calculated in years and completed months as at 1 December 1993 or the date of ceasing to be a member, whichever is the earlier, of service as a member, or 20⋅5 years, whichever is the lesser;

"TS", in relation to a person, means the aggregate period, calculated in years and completed months as at the date of ceasing to be a member, of service as a member, or 20⋅5 years, whichever is the lesser.

S. 15(1A) inserted by No. 110/1993 s. 103(1), amended by Nos 120/1994 s. 32, 61/2013 s. 16(9).

(1A) If, when a person ceases to be a member—

(a) TS, in relation to that person is 15 years or more; or

S. 15(1A)(aa) inserted by No. 4/1996 s. 70.

(aa) TS, in relation to the person is 12 years or more and the person ceases to be a member as the result of a resignation or retirement which does not require or cause the holding of a by-election otherwise than on the day of a general election; or

(b) TS, in relation to the person is 8 years or more and the person ceases to be a member as a result of defeat at an election or as the result of resignation for, or of not seeking re‑election owing to, good and sufficient reasons which satisfy the trustees; or

(c) TS, in relation to the person is 6 years or more and the member has served in not less than 3 Parliaments, is of or over the age of 60 and ceases to be a member as a result of not seeking re-election at a general election—

the person is entitled to be paid out of the Scheme an annual pension at the rate ascertained in accordance with the formula A Image unavailable in extracted text R Image unavailable in extracted text basic salary from time to time.

S. 15(1B) inserted by No. 110/1993 s. 103(1).

(1B) For the purposes of subsection (1A)—

"R" is—

(a) in the case of a person who became a member on or after 1 December 1993, B1/C1; and

(b) in the case of a person who became a member before that date, B1/C1 as at the date of ceasing to be a member or the value of B/C as at 1 December 1993, whichever is the greater provided that in no case shall the value of R be greater than the value of B/C at the date of the person's retirement—

and—

"B" is the total salary received by the person pursuant to Part I or any corresponding previous enactment;

"C" is the total basic salary in respect of the period of service of the person in the Parliament;