5AMinimum benefit payable to a transferred transport officer

5A Minimum benefit payable to a transferred transport officer

5A Minimum benefit payable to a transferred transport officer

(1) If a benefit calculated under section 37 of the Act (Benefit at or after early retirement or on death at or after early retirement age) would, but for this clause, be payable to or in respect of a transferred transport officer but the benefit is less than the amount calculated in accordance with the formula set out in subclause (2), then, instead of that benefit, the benefit payable to or in respect of the officer is that amount.

(2) The formula is:

where:

A is the amount to be calculated, and

NBP is the number of benefit points which have been allocated to the member in accordance with clause 5, and

FS is the member’s final salary (as defined in section 36 of the Act).

(3) If a benefit calculated under section 37 of the Act has been paid to or in respect of a transferred transport officer before the commencement of this clause and the amount of the benefit is less than the amount of the benefit that would have been payable had this clause been in force at the time of the officer’s retirement or death, a further benefit equal to the difference between those amounts is payable to or in respect of the officer.

cl 5A: Ins 22.1.1993.