61Payment of retiring benefit

61 Payment of retiring benefit

(1)  The Commission must, out of the PRB Fund, pay to a person who –

(a) has not attained the age of 65 years; or

(b) has attained the age of 65 years but not the age of 70 years and has made an election under regulation 54(2)  –

and who in either case is entitled to a retiring benefit, a lump sum payment calculated in accordance with the following formula:

where –

P is the amount to be paid;

n is the number of years of service of the member;

FS is the final salary of the member determined in accordance with regulation 59 .

(2)  In calculating the amount referred to in subregulation (1) , n must not exceed 20.

(3)  The Commission must, out of the PRB Fund, pay to a person who –

(a) has attained the age of 65 years; and

(b) has not made contributions in respect of his or her service as a member after that age –

and who is entitled to a retiring benefit, a lump sum payment calculated in accordance with subregulation (1) less an amount calculated in accordance with the following formula:

where –

D is the amount to be deducted;

K is the total years of service, not exceeding 20, of that person as a member;

L is that person's years of service, not exceeding 20, at the age of 65 years;

FS is the final salary of that person determined in accordance with .