46Rights on resignation

46 Rights on resignation (1) Subject to subsection (4), if a revised scheme member resigns, he or she may elect within 1 month of his or her resignation to receive either— (a) a cash benefit equal to the amount of the contributions paid by him or her and interest at the prescribed rate and a deferred pension calculated in accordance with the formula: ![](); or S. 46(1)(b) amended by No. 81/1988 s. 28(h). (b) a cash benefit equal to the amount of the contributions due and paid by him or her during the last X years and interest at the prescribed rate and a deferred pension calculated in accordance with the formula: ![](). (2) For the purposes of subsection (1) N, YA and YP have the same meanings as in section 33(1) and C means the contribution factor in accordance with the following Table with values for intermediate ages being calculated to the lower 0.01: - *Age* *Factor* - 50 1.00 - 45 .90 - 40 .80 - 35 .70 - 30 or less .60 X means the lesser of— (a) the excess (if any) of 50 years over the age of the officer in years and completed months; and (b) 5 years. S. 46(2A) inserted by No. 81/1988 s. 28(i). (2A) For the purposes of subsections (1) and (2) ***recognised service*** included in "YA" and "YP" includes unpaid parental leave up to 12 months for each confinement if the revised scheme member has returned for at least 12 months of paid employment after the period of unpaid parental leave and any period of unpaid leave during which contributions have been paid under section 49. S. 46(3) amended by No. 81/1988 s. 28(j). (3) If a revised scheme member elects to receive a lesser cash benefit the Board on the advice of an actuary appointed by the Board must grant an additional amount of deferred pension. (4) Subsection (1) does not apply in respect of any person who— (a) has received a pension following retirement on the ground of disability; and (b) subsequently re-enters or is re-employed in the service— unless that person continues to make contributions for a period of not less than 12 months. (5) If a revised scheme member does not make an election under subsection (1), the Board must determine the benefits to which the revised scheme member is entitled. (6) Despite subsection (1), if a revised scheme member is entitled to a deferred pension equal to less than 1 per cent of salary, he or she may elect to receive an equivalent cash benefit.