65Payment of termination benefit

### 65 Payment of termination benefit > > (1)  Subject to [subregulation (2)](#GS65@Gs2@EN) , the Commission must pay out of the PRB Fund, to a person who is entitled to a termination payment, a lump sum payment to be calculated in accordance with whichever of the following formulae provides the greater benefit: > > > > > > (a) Formula A, as follows: > > > > > > > > [](/image/pn51c.gif) > > > > > > > > where – > > > > > > > > > ***P*** is the amount to be paid; > > > > > > > > > ***n*** is the number of years of service of the member (not exceeding 10); > > > > > > > > > ***C*** is the total of the member's contributions made during the member's period of service; > > > > > > > (b) Formula B, as follows: > > > > > > > > [](/image/p2ed.gif) > > > > > > > > where – > > > > > > > > > ***P*** is the amount to be paid; > > > > > > > > > ***E*** is the total contributions and accrued interest as at the date when the member's service is terminated; > > > > > > > > > ***D*** is the total contributions and accrued interest as at 1 July 1992, together with interest on that amount as provided in [regulation 55](#GS55@EN) , to the date when the member's service is terminated. > > > (2)  If the person entitled to a termination payment has first or again become a member after attaining the age of 65 years, the lump sum is to be calculated in accordance with the formula in [paragraph (b)](#GS65@Gs1@Hpb@EN) as if that person had paid contributions for the whole of the period of his or her service. > > > (3)  If a termination benefit is payable to a person who has not paid contributions in respect of a period of service after attaining the age of 65 years, that benefit is to be reduced by an amount representing – > > > > > > (a) the sum of the contributions taken to have been paid under [subregulation (2)](#GS65@Gs2@EN) ; and > > > > > > > (b) the interest that would have been payable on those contributions.