“144A Delayed updated pension“144A Delayed updated pension

“144A Delayed updated pension

“(1) The benefits applicable under this Division in respect of a former eligible employee are such benefits payable under this Act as the Commissioner considers to be benefits:

(a) of the same nature; and

(b) payable:

(i) in the same circumstances and on the same conditions; and

(ii) on the death of the person — to the same persons (if any);

as the benefits that would have been payable to or in respect of the former eligible employee under this Act if he or she had not ceased to be an eligible employee and had not made the request under subregulation 15 (3) of the FEE Regulations, or the election under paragraph 15A (3) (d) of those Regulations, or a request under paragraph 15B (4) (b) of those Regulations, by virtue of which this Division became applicable.

“(2) Delayed updated pension is payable:

(a) to a former eligible employee who has reached the age of 65; or

(b) on request — to a former eligible employee on retirement if he or she is aged 55 or more; or

(c) on request — to a former eligible employee on retirement on the grounds of invalidity; or

(d) on request — to a spouse or child of a deceased former eligible employee, in accordance with Part VI.

“(3) In paragraph (2) (c), grounds of invalidity means total and permanent incapacity within the meaning of Part IVA that, to the satisfaction of the Commissioner, is due to invalidity or mental or physical incapacity.