61AExempt officers

61A Exempt officers

S. 61A(1) amended by No. 110/1993
s. 81(1).

(1) A revised scheme member who becomes an exempt officer is entitled up to the date of becoming an exempt officer to a deferred pension calculated in accordance with the formula—

N, YA and YP have the same meanings as in section 33(1);

C means the contribution factor in accordance with section 46;

F has the same meaning as in section 61(2).

(2) A new scheme member who becomes an exempt officer is entitled up to the date of becoming an exempt officer to a deferred lump sum equal to his or her accrued retirement benefit.

(3) A pension or benefit under this section—

(a) must be indexed in accordance with section 91; and

S. 61A(3)(b) substituted by No. 110/1993 s. 81(2), amended by No. 4/1996
s. 108(3).

(b) is payable to the member or any dependant or legal personal representative as determined by the Board in accordance with the specified standards.

S. 61A(4) inserted by No. 110/1993 s. 81(3), repealed by No. 120/1994
s. 57(n), new s. 61A(4) inserted by No. 95/2000 s. 6(8).

(4) A revised scheme member who is entitled to a deferred pension under subsection (1) may elect in writing to the Board to—

S. 61A(4)(b) substituted by Nos 40/2004 s. 28(7), 37/2007 s. 37(1).

(b) have the lump sum rolled over or transferred within the superannuation system as nominated by the revised scheme member.

S. 61A(5) inserted by No. 95/2000 s. 6(8).

(5) A new scheme member who is entitled to a deferred benefit under subsection (2) may elect in writing to the Board to—

S. 61A(5)(b) substituted by Nos 40/2004 s. 28(8), 37/2007 s. 37(2).

(b) have the lump sum rolled over or transferred within the superannuation system as nominated by the new scheme member.

S. 61A(6) inserted by No. 95/2000 s. 6(8).

(6) The method of calculating the conversion under subsection (4) or (5) is to be determined by the Minister on the advice of an actuary appointed by the Board.

Ss 61B, 61C inserted by No. 110/1993 s. 82(1), repealed by No. 40/2004 s. 34.

S. 61D inserted by No. 110/1993 s. 82(1).