26Benefit at age 65 or on early retirement or on death at or after age 60

26 Benefit at age 65 or on early retirement or on death at or after age 60

26 Benefit at age 65 or on early retirement or on death at or after age 60

(1) The benefit provided by this section is payable by the Board on a contributor attaining the age of 65 years or where, on or after attaining the early retirement age and before attaining the age of 65 years, a contributor retires from employment with an employer or, on or after attaining the age of 60 years and before attaining the age of 65 years, a contributor dies during employment with an employer and is so payable—

(a) where the benefit becomes payable on the contributor attaining the age of 65 years or earlier retiring—to the contributor,

(b) where the benefit becomes payable on the death of the contributor and the contributor is survived by a spouse—to the contributor’s spouse, or

(c) where the benefit becomes payable on the death of the contributor and the contributor is not survived by a spouse—to the personal representatives of the contributor or, if appropriate, in accordance with section 58 (payment without grant of probate, etc).

(2) The benefit provided by this section is an amount equal to the sum of—

(a) the amount of the contributor-financed benefit, and

(b) an amount of the employer-financed benefit calculated in accordance with the formula—

where—

E represents the amount to be ascertained,

F represents the contributor’s final average salary, and

A represents the accrued benefit points for the contributor at the contributor’s exit date.