49Member retiring at or after entitlement date—alternatives available

49 Member retiring at or after entitlement date—alternatives available

49.1 Subject to this Part, in the event of the retirement of a member at or after the entitlement date applicable to him or her, he or she is entitled, at his or her election:

 (a) to be paid a pension for his or her life at a rate per annum equal to the rate per annum of the appropriate pension in relation to the member; or

 (b) to be paid:

 (i) an amount equal to the moneys that would, under section 21, be paid to, or used in purchasing an annuity payable to, the member if he or she were not contributing to the Fund; and

 (ii) if the rate per annum of the pension referred to in paragraph 49.1(a) exceeds the rate per annum, or, in the case of a married member, the initial rate per annum, of the annuity that could be purchased in respect of the member with the amount referred to in paragraph 49.1(a)—a pension for his or her life at a rate per annum equal to the excess; or

 (c) to be paid an amount equal to the sum of:

 (i) an amount equal to the moneys that would, under section 21, be paid to, or used in purchasing an annuity payable to, the member if he or she were not contributing to the Fund; and

 (ii) an amount equal to the amounts contributed by the member to the Fund.

49.2 A member is not entitled to benefits under this section unless he or she transfers to the University all his or her rights and interests in the moneys referred to in paragraph 48.1(b) or (c), whichever is applicable to the member.

49.3 Subject to this Part, if a former member, other than a member who did not make an election under section 34, dies while in receipt of, or entitled to, a pension under this section, his widow or her widower, as the case requires, is entitled to be paid a pension for life, or until remarriage, at a rate per annum that is equal to 5/8 of the rate per annum of the pension of the deceased person.

49.4 Subject to this Part, if a former member who did not make an election under section 34 dies while in receipt of, or entitled to a pension under this section, his widow or her widower, as the case requires, is entitled to be paid a pension for life or until remarriage, at a rate per annum that is equal to 1/2 of the rate per annum of the pension of the deceased person.

49.5 If a former member dies while in receipt of, or entitled to, the pension referred to in paragraph 49.1(a), his widow or her widower, as the case requires, is entitled, in addition to the pension applicable by virtue of subsection 49.3 or 49.4, to a pension at the rate of $208 per annum in respect of each child in his or her custody who is under the age of 16 years, or, if the child is attending school, college or university as a full-time student, 21 years.