33Benefit on early retirement of contributors

33 Benefit on early retirement of contributors

(1)  If a contributor retires otherwise than by reason of total and permanent incapacity, or partial and permanent incapacity, after attaining the preservation age but on or before attaining the age of 65 years, he or she is entitled to a lump sum benefit calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

FAS(3) is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding retirement; or

(b) in the case of a contributor whose length of service at the time of his or her retirement is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

ABMF is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 30 by the contributor's length of service in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

PP is the percentage of the lump sum benefit that the contributor has elected, under regulation 59 , to be taken as a pension.

(2)  If a contributor to whom this regulation applies retires, the Commission is to pay the benefit calculated under subregulation (1) to that contributor in accordance with regulation 59 .