37Benefit for limited benefits contributors on death, terminal medical condition or retirement due to total and permanent incapacity

37 Benefit for limited benefits contributors on death, terminal medical condition or retirement due to total and permanent incapacity

(1)  If, before attaining the age of 65 years, a limited benefits contributor –

(a) dies; or

(ab) [Regulation 37 Subregulation (1) amended by S.R. 2022, No. 11, Applied:31 Mar 2022] is determined by the Commission under regulation 96A to have a terminal medical condition and that contributor subsequently retires on the grounds of having a terminal medical condition within 6 months after the date of that determination; or

(b) is determined by the Commission, in accordance with regulation 96 , to be suffering from total and permanent incapacity and that contributor subsequently retires on the grounds of ill health within 6 months after the date of the Commission's decision –

a lump sum benefit is to be calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

FAS(3) is –

(a) [Regulation 37 Subregulation (1) amended by S.R. 2022, No. 11, Applied:31 Mar 2022] the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding his or her death or retirement due to total and permanent incapacity or a terminal medical condition; or

(b) [Regulation 37 Subregulation (1) amended by S.R. 2022, No. 11, Applied:31 Mar 2022] in the case of a contributor whose length of service at the time of his or her death or retirement due to total and permanent incapacity or a terminal medical condition 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 by the contributor's length of service expressed in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;