19Minimum benefit for transferred contributors who were formerly Benefits Fund contributors

19 Minimum benefit for transferred contributors who were formerly Benefits Fund contributors

19 Minimum benefit for transferred contributors who were formerly Benefits Fund contributors

(1) The employer-financed benefit is to be not less than the notional accumulation:

(a) if:

(i) a benefit under section 37 of the current Act (benefit at or after early retirement or on death at or after early retirement age), or

(ii) a benefit under section 40 of that Act (benefit on partial and permanent invalidity before early retirement age),

becomes payable to or in respect of a transferred contributor who was formerly a contributor to the Benefits Fund, or

(b) if a transferred contributor who was formerly a contributor to the Benefits Fund is not qualified for the additional benefit and:

(i) a benefit under section 38 of the current Act (benefit on death before early retirement age), or

(ii) a benefit under section 39 of that Act (benefit on total and permanent invalidity before early retirement age),

becomes payable to or in respect of the contributor.

(2) However, if the employer-financed benefit payable to or in respect of a transferred contributor referred to in subclause (1) would, but for this subclause, be reduced by the operation of clause 21, then that benefit is to be not less than the notional accumulation.