43Supplemental lump sum benefit payable in certain cases

43 Supplemental lump sum benefit payable in certain cases

(1)  If an existing contributor, to whom regulation 33 , 34 , 35 or 39 or clause 7 of Schedule 1 applies, retires and makes an election under regulation 59(6) to receive a pension calculated under Schedule 1 , the Commission may pay to the contributor a supplemental lump sum benefit in accordance with this regulation.

(2)  In relation to an existing contributor to whom subregulation (1) applies, eligibility for a supplemental lump sum benefit is to be calculated in accordance with the following formula:

where –

E is the amount required to determine eligibility for the supplemental lump sum benefit;

A is the amount of the lump sum benefit payable under regulation 33 , 34 or 39 before taking into account any election made under regulation 59 ;

PP is the proportion of the lump sum benefit which the contributor has elected, under regulation 59 , to convert to a pension;

B is the annual amount of pension that would be payable to the contributor under clause 5 , 6 or 8 of Schedule 1 before taking into account any election made under regulation 59 ;

C is the conversion factor derived having regard to the age of the contributor at the date of retirement as follows:

| Age | Pension conversion factor | | 55 | 11 | | 56 | 10.8 | | 57 | 10.6 | | 58 | 10.4 | | 59 | 10.2 | | 60 | 10.0 | | 61 | 9.8 | | 62 | 9.6 | | 63 | 9.4 | | 64 | 9.2 | | 65 | 9.0 | | 66 | 8.8 | | 67 | 8.6 | | 68 | 8.4 | | 69 | 8.2 | | 70 | 8.0 |

is the sum referred to in , calculated as at the date of the retirement of the contributor.