54Fund's responsibility limited—certain over age or unassurable members

54 Fund's responsibility limited—certain over age or unassurable members

54.1  This section applies only to and in relation to a member to whom Part V applies.

54.2 Subject to this section, if:

 (a) a member who, when he or she became a member, had a policy other than an endowment assurance policy, dies or retires before that policy matures; or

 (b) a member who, when he or she became a member, elected, under subsection 10.3, that the contributions under section 12 in respect of the member should be held and accumulated by the Council dies or retires,

a pension payable under this Statute to or in respect of the member ceases to be payable to or in respect of the member from a date when, in the opinion of the actuary, that part of the Fund that is attributable to payments into the Fund made in respect of the member would, if the payments out of the Fund to or in respect of the member (including payments of premiums, if any, falling due for payment under an assurance policy on the life of the member) had been made from that part, be exhausted.

54.3 In forming an opinion for the purposes of subsection 54.2 in the case of a retired member, the actuary is to assume that there has been paid into the Fund in respect of the member an amount that is, in the opinion of the actuary, the value, at the time of forming the opinion, of the unmatured policies, if any, of the member.

54.4 This section does not affect the rate of pension payable to or in respect of a member whose policy has matured.