63Payment of death or invalidity benefit

63 Payment of death or invalidity benefit

(1)  If –

(a) a member to whom this Part applies dies, or the Committee is satisfied as to the matters referred to in regulation 62 and provides the Commission with written notice that the Committee is so satisfied; and

(b) the member ceases to be a member before he or she attains the age of 60 years –

the Commission must pay out of the PRB Fund, in respect of the member, 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 the member would have served if he or she had attained the age of 60 and still been a member;

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

(2)  If –

(a) a member dies, or the Committee is satisfied as to the matters referred to in regulation 62 and provides the Commission with written notice that the Committee is so satisfied; and

(b) the member ceases to be a member on or after the date when the member attains the age of 60 years –

the Commission must pay out of the PRB Fund, in respect of the member, a lump sum payment calculated in accordance with the following formula:

where –

P and FS have the meanings assigned to those symbols in subregulation (1) ;

n is the number of years served by the member on the date when he or she died or the date on which the medical practitioner referred to in paragraph (a) of regulation 62(1) certifies in his or her report the matters referred to in that paragraph.