31Pension rights—exit after age 60

31 Pension rights—exit after age 60

31 Pension rights—exit after age 60

(1) A transferred contributor who, having attained 60 years of age on or before the contributor’s exit date, retires and thereby becomes entitled to be paid the benefit provided by section 37 of the current Act (benefit at or after early retirement or on death at or after early retirement age) may elect to convert to a pension in accordance with—

(a) clause 40 (employer-financed pension—normal retirement without reversion), or

(b) clause 41 (employer-financed pension—normal retirement with reversion),

benefit points to which that contributor is entitled.

(2) The benefit points in respect of which an election may be made under subclause (1) are the transferred contributor’s accrued benefit points.

(3) Those benefit points which the transferred contributor does not elect to convert to a pension shall be applied towards payment of a lump sum benefit in accordance with section 37 of the current Act.