23Benefit at age 65 years after 10 years service

23 Benefit at age 65 years after 10 years service

23 Benefit at age 65 years after 10 years service

(1) On the retirement of a contributor who has attained the age of sixty-five years and has completed at least ten years service there shall be paid from the Fund, as a lump sum benefit, the sum of—

(a) the amount of any lump sum benefit for which, at the time of his retirement, he is contributing in accordance with this Act, and

(b) an amount equivalent to the sum of—

(i) his initial credit, if any,

(ii) interest on his initial credit, if any, at the prescribed rate, compounded annually at the end of each financial year, for the period from the date he became a contributor to the date he attains the age of sixty-five years, and

(iii) one and one-half times the sum of his initial credit, if any, and that interest—

Provided that the amount of the lump sum benefit paid under this subsection shall not be less than the sum to which he would be entitled under paragraphs (d), (e) and (f) of subsection (3) were he eligible to receive a lump sum benefit under that subsection.

(2) Where the services of a contributor are retained by his employer after he has attained the age of sixty-five years, the lump sum benefit to which he would have been entitled had he retired at that age, together with interest at the prescribed rate, compounded annually at the end of each financial year, from the date of his sixty-fifth birthday, shall be paid from the Fund to him on his subsequent retirement or, in the event of his death prior thereto, that lump sum benefit and interest shall be paid in accordance with section 24.

(2A) Where the services of a contributor are retained by his employer after he has attained the age of sixty-five years and the date of completion of ten years’ service occurs while his services are so retained he shall, for the purposes of subsections (1) and (2), be deemed to have completed ten years’ service at the age of sixty-five years.

(3) A contributor who has completed at least ten years service and who—

(a) retires on or after the date on which he attains the age of sixty years but before he attains the age of sixty-five years,

(b) is retired from the service of his employer through infirmity of body or mind not caused by intemperate habits, the infirmity being certified to the satisfaction of the Board as being likely to be permanent, or