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)](#GS54@Gs2@EN)  – > > > > and who in either case is entitled to a retiring benefit, a lump sum payment calculated in accordance with the following formula: > > > > [](/image/pn42fs.gif) > > > > 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](#GS59@EN) . > > > (2)  In calculating the amount referred to in [subregulation (1)](#GS61@Gs1@EN) , ***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)](#GS61@Gs1@EN) less an amount calculated in accordance with the following formula: > > > > [](/image/dkl4fs27.gif) > > > > 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 [regulation 59](#GS59@EN) . > > > (4)  The Commission must, out of the PRB Fund, pay to a person who – > > > > > > (a) has attained the age of 70 years; and > > > > > > > (b) has made an election under [regulation 54(2)](#GS54@Gs2@EN) ; and > > > > > > > (c) is entitled to a retiring benefit – > > > > a lump sum payment calculated in accordance with [subregulation (1)](#GS61@Gs1@EN) less an amount calculated in accordance with the following formula: > > > > [](/image/dkl4fs27.gif) > > > > 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 time of ceasing to pay contributions; > > > > > ***FS*** is the final salary of that person determined in accordance with [regulation 59](#GS59@EN) . > > > (5)  The Commission must, out of the PRB Fund, pay to a person who is entitled to a retiring benefit under this regulation, and who has had 20 or more years of service as a member, such further amount as the Commission may determine on the advice of the Actuary having regard to – > > > > > > (a) the benefit which may be attributed to any portion of the service of the member in excess of 20 years; and > > > > > > > (b) the minimum benefits prescribed under the SG Act.