35Benefit on resignation

35 Benefit on resignation

S. 35(1) amended by No. 110/1993 s. 129(2)(d).

(1) If a member resigns, he or she is entitled to—

(a) a cash benefit equal to the amount of contributions paid by him or her and interest at the prescribed rate; and

(b) a deferred benefit equal to—

(i) 3 per cent of final average salary for each year of service after 1 September 1987; and

(ii) for each year of service in excess of 5 years, 5 per cent of the balance of the accrued retirement benefit up to a maximum of 100 per cent of the balance of the accrued retirement benefit after 25 years of service.

S. 35(2) amended by No. 110/1993 s. 129(2)(d).

(2) In subsection (1)(b)(ii) balance of the accrued retirement benefit means the accrued retirement benefit at the time of his or her resignation less the total of 3 per cent of final average salary for each year of service and the amount referred to in subsection (1)(a) expressed as a percentage of final average salary.

(3) For the purposes of subsection (1)(b)(ii) service includes up to 12 months unpaid parental leave for each confinement if the member has returned for at least 12 months of paid employment after the period of unpaid parental leave.

S. 35(4) amended by No. 4/1996 s. 131(2).

(4) The deferred benefit is payable to the member on the request of the member to the Board at any time from the age of 55 years except for that part of the deferred benefit which is subject to the specified standards.

S. 35(4A) inserted by No. 81/1988 s. 37(c), repealed by No. 110/1993 s. 133(a), new s. 35(4A) inserted by No. 95/2000 s. 21(2).

(4A) 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. 35(4A)(b) substituted by Nos 40/2004 s. 41(3), 37/2007 s. 51(1).

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

S. 35(4B) inserted by No. 95/2000 s. 21(2).

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

(5) The deferred benefit is payable—

(a) in the case of the death of the member, upon his or her death to his or her dependants; or

S. 35(5)(b) amended by Nos 110/1993 s. 133(b), 4/1996 s. 126(c)(i).

(b) in the case of the disability of the member, when the member becomes disabled, to the member.