40Employer-financed pension—normal retirement without reversion

40 Employer-financed pension—normal retirement without reversion

40 Employer-financed pension—normal retirement without reversion

(1) When an election is made by a transferred contributor to take the pension benefit provided by this clause, the pension shall be calculated in accordance with the following formula—

where—

P represents the annual pension payable,

S represents the transferred contributor’s final average salary,

C represents the number of benefit points to which the election relates, and

T represents the number of whole years by which that contributor’s exit date precedes the date of his or her 65th birthday.

(2) For the purposes of symbol “T” in subclause (1), a fraction of a year which does not form part of a whole year counts as a whole year.