56Rate of standard age retirement pension

56 Rate of standard age retirement pension

(1A) This section does not apply to a person who makes an election under subsection 57AA(1). (1) Where: (a) a person is entitled to standard age retirement pension by virtue of subsection 55(1); and (b) his or her period of contributory service is not less than 30 years; then, subject to subsections (2) and (5) of this section, the annual rate of that pension is 50 per centum of his or her final annual rate of salary. (2) Where: (a) a person is entitled to standard age retirement pension by virtue of subsection 55(1); and (b) the person’s period of contributory service before attaining the age of 65 years exceeds 30 years; then, subject to subsection (5), the annual rate of that pension is: (c) if that period of contributory service consists of 30 complete years and a part of a year—such percentage of the person’s final annual rate of salary as is calculated in accordance with the formula: Start formula 50 plus start fraction D times 0.25 over 365 end fraction end formula; where:

D is the number of days included in that part of a year; or

(d) if that period of contributory service consists exactly of a number of complete years, or exceeds 40 years—such percentage of the person’s final annual rate of salary as, having regard to the number of complete years included in that period, is applicable in accordance with Table 1 in Schedule 1; or
(e) if paragraphs (c) and (d) do not apply—such percentage of the person’s final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in that period of contributory service, is calculated in accordance with the formula:
![Start formula P plus start fraction D times 0.25 over 365 end fraction end formula](image.003.png);
where:

P is the percentage referred to in paragraph (d); and

D is the number of days included in that part of a year.

(3) Where: (a) a person is entitled to a standard age retirement pension by virtue of subsection 55(1); and (b) his or her period of contributory service is less than 30 years; then, subject to subsection (5), the annual rate of that pension is: (c) if that period of contributory service consists exactly of a number of complete years—such percentage of the person’s final annual rate of salary as, having regard to that number of years, is applicable in accordance with Table 2 in Schedule 1; or (d) if that period of contributory service consists of a number of complete years and a part of a year—such percentage of the person’s final annual rate of salary as is ascertained in accordance with the formula: Start formula P subscript 1 plus start fraction D times P subscript 2 over 365 end fraction end formula; where: