39Benefit payable on death or retirement after retirement age

39 Benefit payable on death or retirement after retirement age

(1)  If a contributor continues to be a permanent employee after attaining the age of 65 years, the contributor is entitled on death or retirement or on attaining the age of 70 years, whichever is the earlier, 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 received by a contributor in respect of the period of 3 years immediately preceding his or her death or retirement or attaining the age of 70 years; or

(b) in the case of a contributor whose length of service at the time of his or her death or retirement is less than 3 years, the average annual salary received 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 expressed in years to the day when he or she ceased paying contributions under regulation 21(3)(e) or regulation 21(4) at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

SBMF is the State's benefit multiple factor which is –

(a) in respect of a person contributing at the rate of 2.5% of salary, a factor of 0.075; or

(b) in all other cases, a factor of 0.15;

PRS is the contributor's length of service after attaining the age of retirement expressed in years commencing on the day when he or she ceased paying contributions under regulation 21(3)(e) or regulation 21(4) and ending on the day of his or her actual retirement or death or at the age of 70 years, whichever is the earlier;