52Benefit on retirement of new scheme member

52 Benefit on retirement of new scheme member

(1) A new scheme member is entitled to a lump sum equal to his or her accrued retirement benefit on retirement on or after the minimum age for retirement.

(2) The accrued retirement benefit of a new scheme member is the sum of—

S. 52(2)(a) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44.

(a) 10 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she has not contributed to the State Superannuation Fund and the Fund; and

S. 52(2)(b) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44.

(b) 16 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 3 per cent of salary to the State Superannuation Fund and the Fund; and

S. 52(2)(c) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44.

(c) 20 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 5 per cent of salary to the State Superannuation Fund and the Fund; and

S. 52(2)(d) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44.

(d) except as provided for in paragraph (e), 24 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 7 per cent of salary to the State Superannuation Fund and the Fund; and

S. 52(2)(e) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44.

(e) 28 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she was a prescribed fire-fighter and contributed 7 per cent of salary to the State Superannuation Fund and the Fund; and

S. 52(2)(f) amended by Nos 20/1989 s. 43(3), 110/1993 s. 71(1), 94/2005 s. 44.

(f) 32 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she was a prescribed fire-fighter and contributed 8 per cent of salary to the State Superannuation Fund and the Fund; and

S. 52(2)(g) inserted by No. 20/1989 s. 43(3), amended by No. 110/1993 s. 71(1).

(g) 15 per cent of the final average salary of the new scheme member who elected to transfer under section 43 of the State Casual Employees Superannuation Act 1989 for each year of his or her contributory service under that Act.

S. 52(2A) inserted by No. 110/1993 s. 82(3), substituted by No. 58/1994
s. 7.

(2A) In the case of a revised scheme member who elects to transfer to the new scheme under section 61B, his or her accrued retirement benefit for the total period of membership as a revised scheme member and as a new scheme member is the sum of—