55Disability benefit entitlements

55 Disability benefit entitlements

(1) Subject to section 28 a member who is entitled to disability benefits is entitled to—

(a) a lump sum equal to the lump sum which would have been payable pursuant to this Part if he had died on the day on which he was retired which shall be credited to an account which shall be opened in the member's name in the Fund;

S. 55(1)(b) amended by No. 110/1993 ss 150(2), 153(1).

(b) the pension which would have been payable on the member attaining the age of 60 years if his adjusted final salary at the date of his retirement had been his adjusted final salary on that birthday and counting the years of service which would have been completed by that age.

S. 55(1A) inserted by No. 81/1988 s. 23, repealed by No. 64/1989 s. 36(3)(c).

S. 55(2) amended by No. 9657 s. 16, substituted by No. 58/1987 s. 10(b)(i), amended by No. 64/1989 s. 36(3)(d).

(2) The Board must pay from a beneficiary's account established pursuant to subsection (1)(a) to the beneficiary or to such other person as the Board thinks fit on behalf of the beneficiary such instalments or a single payment as may be decided by the Board.

S. 55(2A) inserted by No. 58/1987 s. 10(b)(i).

(2A) The balance of a beneficiary's account accrues interest (compounded on 1 July each year) at rates that are determined by the Board having regard to the investment earnings of the Fund.

S. 55(2B) inserted by No. 58/1987 s. 10(b)(i).

(2B) The total amounts payable to a beneficiary from a beneficiary's account (excluding payments under subsection (2)) shall not be less than 10 per centum of the current equivalent of the salary on retirement of the beneficiary (within the meaning of section 51) for each complete year during which contributions have been paid, not exceeding 30.

S. 55(3) amended by No. 58/1987 s. 10(b)(ii), substituted by No. 27/2001 s. 5(Sch. 3 item 4.12).

(3) The Board must pay the balance of a beneficiary's account—

S. 55(3)(a) amended by No. 40/2010 s. 63.

(a) to the member when the member attains the age of 60 years; or

(b) if the member dies sooner—on the member's death to the member's partner or, if the member does not leave a partner, to the member's personal representative.

S. 55(3A) inserted by No. 58/1987 s. 10(b)(iii), repealed by No. 64/1989 s. 36(3)(e).

(4) Any pension shall, subject to this Part, be payable until the person receiving it dies.

S. 55(5) inserted by No. 10258 s. 10(zg).

(5) Notwithstanding anything in this Act, a pension payable pursuant to paragraph (b) of subsection (1) shall be paid from such date (not being later than the date of the retirement of the member) as the Board in its discretion determines.