13Amount of benefits

13 Amount of benefits

13 Amount of benefits

(1) The amount of the lump sum benefit for which a person, upon becoming a contributor, shall, subject to this Act, contribute to the Fund shall be—

(a) in the case of an employee, an amount equal to his ordinary minimum benefit at the date he becomes a contributor,

(b) in the case of a contributor under section 11, such amount as is determined by the Board as being the actuarial equivalent appropriate to the rate of his contributions to the Railways Retirement Fund immediately before the commencement of this Act,

(c) in the case of a contributor under subsection (3) of section 12, an amount equal to his ordinary minimum benefit at the date applicable to him under that subsection.

(2) A contributor or a person eligible to become a contributor may elect, in accordance with this section, for an additional amount of lump sum benefit.

(3) An election under subsection (2) shall be made by the contributor—

(a) by his nominating the maximum benefit applicable to him, or

(b) by his nominating a benefit wage factor the application of which would produce an amount of lump sum benefit that is less than the maximum benefit then applicable to him,

and any such nomination shall have effect on and from the date on which he becomes a contributor.

(4) An election to be made under subsection (2) shall be made—

(a) by an employer on or before the date on which he becomes a contributor in accordance with section 10 or such later date as the Board in any particular case may allow,

(b) by a contributor under section 11 on or before a date, being not later than six months after the commencement of this Act, to be appointed for the purposes of this paragraph by the Governor and notified by proclamation published in the Gazette or such later date as the Board in any particular case may allow, or

(c) by a contributor to the Account, a gratuity scheme officer or a Police Department appointee on or before the date on or before which he is required to make an election under section 12.

(5) The contributions attributable to the additional amount of lump sum benefit for which a person elects to contribute under this section shall be payable as on and from the first day of the pay period next following the date on or before which he is required to make the election.