41APensioner may apply for reduced pension and lump sum payment

41A Pensioner may apply for reduced pension and lump sum payment

S. 41A(1) amended by Nos 9978 s. 10, 58/1987 s. 11(1)(k), 94/2005 s. 32.

(1) A pensioner may make application to the Board in the form approved by the Board, for the reduction of his pension and to receive a lump sum payment in consideration of the reduction of the pension.

(2) On receipt of such application the Board may require the pensioner to provide such other information as it determines.

S. 41A(3) substituted by No. 10258 s. 10(y), amended by No. 46/1998

(3) The Board may grant the application and reduce the pension in accordance with the terms and conditions from time to time approved by the Minister.

(4) The amount of lump sum payment made in consideration of the reduction in the pension shall be determined by the Board's actuary.