34AElection by retrenched member

34A Election by retrenched member

A member who is retrenched may elect to receive—

S. 34A(a) amended by No. 94/2005 s. 30.

(a) a lump sum equal to three and one-half times the total amount of contributions paid or payable by him to the State Superannuation Fund and the Fund;

(b) benefits payable under section 37; or

(c) deferred retirement benefits payable under section 38.

S. 34AB inserted by No. 87/1992 s. 19.

34AB Exempt officers

(1) A contributor who becomes an exempt officer is entitled up to the date of becoming an exempt officer to a deferred retirement benefit payable in accordance with section 38.

(2) A benefit under this section—

(a) must be indexed in accordance with section 43; and

S. 34AB(2)(b) amended by No. 4/1996 s. 98.

(b) must be preserved and is payable in accordance with the specified standards.

S. 34AB(3) inserted by No. 95/2000 s. 16(1).

(3) A member who is entitled to a deferred retirement benefit under subsection (1) may elect in writing to the Board to—

S. 34AB(3)(b) substituted by Nos 40/2004 s. 20(2), 37/2007 s. 21.

S. 34AB(4) inserted by No. 95/2000 s. 16(1).

(4) The method of calculating the conversion under subsection (3) is to be determined by the Minister on the advice of an actuary appointed by the Board.

S. 34B inserted by No. 9978 s. 7(2).