28BIncrease of pension in case of certain retirements after reaching 62 years of age

28B Increase of pension in case of certain retirements after reaching 62 years of age

28B Increase of pension in case of certain retirements after reaching 62 years of age

(1) For the purposes of this section, the period of contributory service of a contributor upon the contributor’s retirement is the next preceding period that commenced—

(a) when the contributor last became a contributor, or

(b) (Repealed)

(c) if, since the contributor last became a contributor, the contributor had been on leave of absence pursuant to section 48—when the contributor was re-employed by an employer after the last such leave of absence,

and ended upon the contributor’s retirement.

(2) Where a contributor aged sixty-two years or more retired on or after 1 July 1972 and before the commencement of the Superannuation (Amendment) Act 1972, or retires at or after that commencement, the pension that, but for this section, would be payable to the contributor shall, if the contributor has completed not less than eleven years of contributory service, be increased by a percentage determined in accordance with subsection (3).

(3) The percentage referred to in subsection (2) is—

(a) where the contributor had completed forty years or more of contributory service at the time of the contributor’s retirement—

(i) ten per centum if the contributor retired on or after reaching the age of sixty-two years and before reaching the age of sixty-three years,

(ii) twenty per centum if the contributor retired on or after reaching the age of sixty-three years and before reaching the age of sixty-four years, and

(iii) thirty per centum if the contributor retired on or after reaching the age of sixty-four years, or

(b) where the contributor had completed eleven or more, but less than forty, years of contributory service at the time of the contributor’s retirement—the percentage that would, if the contributor had completed more than forty years of contributory service, be applicable under paragraph (a), multiplied by the fraction obtained by applying the formula—

where n represents the number of years of contributory service that the contributor had completed.