43Resignation, retirement or dismissal of member before entitlement date

43 Resignation, retirement or dismissal of member before entitlement date

43.1 If a member who is contributing to the Fund retires after attaining 60 years of age but before the entitlement date applicable to the member, section 49 is, subject to subsection 43.2, to apply to and in relation to that member as if he or she had retired on or after that date.

43.2 The pension, if any, payable to a member to whom subsection 43.1 applies under paragraph 49.1(a) in its application to and in relation to the member by virtue of subsection 43.1 is payable to that member, from 31 December in the year in which he or she retires, at the rate that is such percentage of the rate of pension referred to in that paragraph as is specified in the second column of the table in this subsection in respect of the age of the employee at the date of his or her retirement, as set out in the first column of that table.

 

 

43.3 If a member who is contributing to the Fund:

 (a) resigns from the full-time service of the University, his or her resignation being accepted; or

 (b) is dismissed from the full-time service of the University,

the Council must pay to him or her from the Fund an amount equal to the sum of:

 (c) the amounts contributed by him or her to the Fund; and

 (d) if the share of the member in the Supplementary Benefits Fund was transferred to the Fund by virtue of subsection 39.2 the amount, if any, that remains after deducting from that share the amount that has been applied under subsection 39.3 towards reducing the contributions payable by the member to that Fund.