30Benefit on resignation, dismissal or discharge before early retirement age

30 Benefit on resignation, dismissal or discharge before early retirement age

30 Benefit on resignation, dismissal or discharge before early retirement age

(1) The benefit provided by this section is payable by the Board to a contributor where, before attaining the early retirement age, the contributor resigns, or is dismissed or discharged, from employment with an employer and no other benefit is payable under this Act.

(2) The benefit provided by this section for a contributor for whom the period commencing on entry date and ending on exit date is 10 years or more is an amount equal to the sum of—

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

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

where—

W represents the amount to be ascertained,

V represents the period (expressed in years with any fractional part of a year being calculated on a monthly basis) that commenced on the contributor’s entry date and ended on the contributor’s exit date,

R represents the amount of the contributor-financed benefit,

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

Y represents the number ascertained by adding together all the contributor’s contributed points figures calculated in relation to the contributor for the applicable months for the contributor

(3) The benefit provided by this section for a contributor for whom the period commencing on entry date and ending on exit date is less than 10 years is the amount of the contributor-financed benefit.