58Benefit on resignation

58 Benefit on resignation S. 58(1) amended by No. 110/1993 s. 71(1). (1) If a new scheme member resigns he or she is entitled to— (a) a cash benefit equal to the amount of the contributions paid by him or her and interest at the prescribed rate; and S. 58(1)(b) amended by Nos 72/1990 s. 6(b), 110/1993 s. 79(2). (b) a deferred benefit calculated in accordance with the formula— A means the accrued retirement benefit at the time of his or her resignation expressed as a multiple of final average salary; B means the cash benefit under paragraph (a) expressed as a multiple of final average salary; S means years of recognised service (including as a revised scheme member) and includes up to 12 months unpaid parental leave for each confinement if the new scheme member has returned for at least 12 months of paid employment after the period of unpaid parental leave; X has the same meaning as in section 46; S. 58(1)(c) inserted by No. 72/1990 s. 6(a), repealed by No. 110/1993 s. 79(2). S. 58(2) amended by No. 110/1993 s. 71(1). (2) Despite subsection (1), a new scheme member who is entitled to a deferred benefit of less than 10 per cent of final average salary may elect to receive an equivalent cash benefit. S. 58(2A) inserted by No. 110/1993 s. 79(3). (2A) If a new scheme member who has been a revised scheme member resigns, section 61(2A) applies to his or her deferred pension under the revised scheme. S. 58(3) inserted by No. 81/1988 s. 30(f). (3) A deferred benefit is payable at the earlier of— (a) a request of the former new scheme member at or after the minimum age for retirement; or (b) the disability of the former new scheme member; or S. 58(3)(c) amended by No. 110/1993 s. 78(5). (c) the death of the former new scheme member in which case the deferred benefit is payable in accordance with section 53; or (d) the attainment of the former new scheme member of the age of 65 years. S. 58(4) inserted by No. 110/1993 s. 78(6), repealed by No. 82/1996 s. 67, new s. 58(4) inserted by No. 95/2000 s. 6(6). (4) A new scheme member who is entitled under subsection (1) to a deferred benefit on resignation may elect in writing to the Board to— S. 58(4)(b) substituted by Nos 40/2004 s. 28(4), 37/2007 s. 34. (b) have the lump sum rolled over or transferred within the superannuation system as nominated by the new scheme member. S. 58(5) inserted by No. 110/1993 s. 78(6), repealed by No. 82/1996 s. 67, new s. 58(5) inserted by No. 95/2000 s. 6(6). (5) The method of calculating the conversion under subsection (4) is to be determined by the Minister on the advice of an actuary appointed by the Board.