7

7 Contributor-financed benefit as pension

7 Contributor-financed benefit as pension

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 a specified part of the benefit provided by section 26 of the Act, the pension which is the benefit provided by clause 8 (3) of Schedule 6 to the Act shall be determined according to the following formula:

where:

P is the annual pension payable,

L is the amount of the benefit provided by section 26 of the Act or, as the case may be, the specified part of that benefit, and

C is the appropriate number in Column 2, 3 or 4 of the Table to this clause, having regard to the transferred contributor’s age as from when the pension is calculated, and to whether the transferred contributor is a man or a woman.

Table

Division factor for converting lump sum to annual pension

| Column 1 | Column 2 | Column 3 | Column 4 | | | Male(No pensionto spouse) | Male or female (with pension to spouse) | Female (no pension to spouse) | | Person who attained age of 60 but not 61 | 11.4 | 14.0 | 13.3 | | Person who attained age of 61 but not 62 | 11.1 | 13.7 | 13.0 | | Person who attained age of 62 but not 63 | 10.8 | 13.4 | 12.6 | | Person who attained age of 63 but not 64 | 10.6 | 13.1 | 12.3 | | Person who attained age of 64 but not 65 | 10.3 | 12.8 | 11.9 | | Person who attained age of 65 | 10.0 | 12.5 | 11.5 |