50Member compulsorily retired—alternatives available

50 Member compulsorily retired—alternatives available

50.1 Subject to this Part, a member, other than a member referred to in section 44, who has his or her appointment to the University terminated because of invalidity or incapacity is entitled to be paid a pension for his or her life at a rate per annum equal to:

 (a) 1/2 of the rate per annum of his or her salary on retirement; or

 (b) the rate per annum of the pension that would be the appropriate pension in relation to the member on his or her retirement if his or her university service were increased by the additional service that he or she would have if he or she continued in the service of the University without increase in salary until he or she reached the entitlement date applicable to him or her,

whichever is the less.

50.2 A member may elect, in lieu of the pension referred to in subsection 50.1:

 (a) to take a transfer of his or her policy, or, if the member so desires, to be paid an amount equal to the value of that policy, at the member's retirement; or

 (b) if the policy has matured before the retirement of the member—to be paid an amount equal to the moneys that would, under section 21, be paid to, or used for purchasing an annuity payable to, the member if he or she were not contributing to the Fund,

together with:

 (c) an amount equal to the amounts contributed by the member to the Fund; or

 (d) in an appropriate case, a pension for his or her life at a rate per annum ascertained in accordance with subsection 50.3.

50.3 If the rate per annum of the pension to which a member would be entitled under subsection 50.1 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 a member:

 (a) with an amount equal to the value of the policy of the member at his or her retirement; or

 (b) with the moneys referred to in paragraph 50.2(b),

the rate of the pension referred to in paragraph 50.2(d) is a rate per annum equal to the excess.

50.4 If:

 (a) a member is entitled to benefits under this section; and

 (b) the share of the member in the Supplementary Superannuation Benefits Fund had been transferred to the 1966 Supplementary Superannuation Benefits Fund by virtue of subsection 39.2,

there is to be payable to the member, in addition to any amount payable to the member under this section, an amount equal to the amount, if any, that is ascertained by deducting from that share the amount that has been applied under subsection 39.3 towards reducing the contributions payable by the member to the 1966 Supplementary Superannuation Benefits Fund.