34AExempt officers

34A Exempt officers

(1) A member who becomes an exempt officer is entitled up to the date of becoming an exempt officer to a deferred lump sum equal to his or her accrued retirement benefit.

(2) A benefit under this section—

(a) must be indexed in accordance with section 46; and

S. 34A(2)(b) amended by No. 4/1996 s. 131(1).

(b) must be preserved and is payable in accordance with the specified standards.

S. 34A(3) inserted by No. 95/2000 s. 21(1).

(3) A member who is entitled to a deferred benefit may elect in writing to the Board to—

(a) convert the entitlement to a present lump sum; and

S. 34A(3)(b) substituted by Nos 40/2004 s. 41(2), 37/2007 s. 50.

(b) have the lump sum rolled over or transferred within the superannuation system as nominated by the member.

S. 34A(4) inserted by No. 95/2000 s. 21(1).

(4) The method of calculating the conversion under subsection (3) is to be determined by the Minister on the advice of an actuary appointed by the Board.