21Policy maturing while member is in full-time service

21 Policy maturing while member is in full-time service

21.1 If the policy matures while the member is in the full-time service of the University, the University is to receive payment of the moneys payable under the policy from the life office and, subject to sections 18 and 19 and to this section, the University must pay those moneys to the member on 31 December in the year in which the member attains the age of 60 years.

21.2 If the member referred to in subsection 21.1 dies before 31 December in the year in which the member attains the age of 60 years, the Council must pay the moneys in the manner provided in section 20.

21.3 If the Council thinks fit, the University may, in lieu of paying to the member moneys referred to in this section, use those moneys in the purchase of an annuity payable to the member during his or her life-time.

21.4 If the member continues in the full-time service of the University after 31 December in the year in which he or she attains the age of 60 years, the moneys payable under the policy which would otherwise be payable to the member, together with contributions by and in respect of the member under section 12 made after the maturity of the policy, must be invested by the Council in securities authorised by law for the investment of trust moneys, and the securities must be held until the member ceases, by death or retirement, to be in the service of the University, whereupon the securities must be realised and the proceeds, together with any income received from the investments, must:

 (a) in the case of death—be paid in the manner specified in section 20; or

 (b) in the case of retirement—be paid to the member or used in the purchase of an annuity payable to the member during his or her life-time.

21.5 A payment of moneys under this section must not be made:

 (a) to, or for the purchase of an annuity payable to, a member who is an eligible member for the purposes of Part V; or

 (b) if a member who is an eligible member for the purposes of Part V dies leaving a widow or widower who is, or is taken to be, the designated beneficiary in relation to the member—to the widow or widower,

but those moneys must be paid to the Supplementary Superannuation Benefits Fund.

21.6 A payment of moneys under this section must not be made:

 (a) to, or for the purchase of an annuity payable to, a member who is contributing to the 1966 Supplementary Superannuation Benefits Fund; or

 (b) if a member referred to in paragraph 21.6 (a) dies leaving a widow or widower who is, or is to be taken to be, the designated beneficiary in relation to the member—to the widow or widower,

but those moneys must be paid into that Fund.