6Employer-financed benefit as pension

#### 6 Employer-financed benefit as pension 6 Employer-financed benefit as pension > > (1) Where an election is made by a transferred contributor to take the benefit provided by clause 8 (2) and (3) of Schedule 6 to the Act instead of the whole or part of the benefit provided by section 26 of the Act, the pension which is the benefit provided by clause 8 (2) of Schedule 6 to the Act shall be determined according to the following formula: > > > > %20AND%20(No%3D0245)%20AND%20(Year%3D1985)%20AND%20(%22Historical%20Document%22%3D0))/g1.gif) > > where: > > > > P is the annual pension payable, > > > > F is the final average salary of the transferred contributor, > > > > Q is the number of benefit points to which the election relates, and > > > > T is the number of whole years (a fraction of a year which does not form part of a whole year counting as a whole year) by which the exit date of the transferred contributor precedes the date of the transferred contributor’s 65th birthday. > > > (2) Where an election is made by a transferred contributor to take the benefit provided by clause 8 (2) and (3) of Schedule 6 to the Act instead of the whole or part of the benefit provided by section 28 of the Act, the pension which is the benefit provided by clause 8 (2) of Schedule 6 to the Act shall be determined accordingly to the following formula: > > > > %20AND%20(No%3D0245)%20AND%20(Year%3D1985)%20AND%20(%22Historical%20Document%22%3D0))/g2.gif) > > where: > > > > P is the annual pension payable, > > > > S is: > > > > > (a) where the transferred contributor has not attained the age of 58 years on or before the exit date—the transferred contributor’s final salary, > > > > > (b) where the transferred contributor has attained the age of 58 years, but has not attained the age of 59 years, on or before the exit date—the average of the transferred contributor’s final salary and salary at 31st December last preceding the exit date, or > > > > > (c) where the transferred contributor has attained the age of 59 years on or before the exit date—the transferred contributor’s final average salary, and > > > > Q is the number of benefit points to which the election relates.