16Right to convert part of entitlement to lump sum entitlement

16 Right to convert part of entitlement to lump sum entitlement

S. 16(1) amended by No. 8663 s. 7(a).

(1) Notwithstanding anything in this Part a former member who is entitled to a pension under section 15 or subsection (4) of section 21 may within the period of three months after ceasing to be a member, elect by notice in writing served on the secretary to convert all or part of his pension entitlement to a lump sum payment determined in accordance with subsection (2).

S. 16(2) substituted by No. 8663 s. 7(b).

(2) A lump sum payment under subsection (1) shall be—

(a) if the former member was under the age of 66 years at the time that he ceased to be a member, an amount equal to the annual pension entitlement in respect of which the election was made multiplied by ten; or

S. 16(2)(b) amended by No. 9117 s. 2(c).

(b) if the former member was of or over the age of 66 at the time that he ceased to be a member, an amount equal to the annual pension entitlement in respect of which the election was made multiplied by the number derived from deducting from ten the number of whole months by which the age of the member exceeded 65 years at the time he ceased to be a member multiplied by one-twenty-fourth.

S. 16(2A) inserted by No. 9117 s. 2(d).

(2A) Notwithstanding subsection (2)(b), subsection (2)(a) shall apply—

(a) to a former member of the Assembly who ceased to be a member of the Assembly at or prior to the next general election of the Assembly held after he attained the age of 66 years and whose resignation or retirement does not require or cause the holding of a by‑election otherwise than on the day of such general election; and

(b) to a former member of the Council who ceases to be a member at or prior to the next election for half the Council held after he attained the age of 66 years whose resignation or retirement does not require or cause the holding of a by-election otherwise than on the day for such election of half the Council.

S. 16(3) amended by No. 8530 s. 3(1)(e).

(3) A former member who makes an election under subsection (1) shall be entitled to receive a lump sum payment calculated under subsection (2) and from the date of payment of that lump sum the annual pension payable to that former member shall be such proportion of the annual pension for the time being payable to that former member under section 15 as the amount of the annual pension that was payable to the former member immediately before the election was made less the amount of the annual pension in respect of which the election was made bears to the amount of the annual pension that was payable to the former member immediately before the election was made.