Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p1
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 1/2)
Character Range: 116117–118834

365

where:

Pı is the percentage referred to in paragraph (a); and

D is the number of days included in that part of a year; and

         P2 is such percentage of the person's final annual rate of salary as, having regard to his or her age on his or her last day of service and the number of complete years that would be included in the person's period of contributory service if the part of a year included in it were taken to be a complete year, is applicable in accordance with Schedule 2.".

Early retirement—voluntary or involuntary retirement

44. Section 58 of the Principal Act is amended:

    (a) by omitting from subsection (3) "Where, before a person who is an eligible employee attains the age of 60 years, he ceases to be an eligible employee by reason that—" and substituting "Where a person ceases to be an eligible employee because:";

    (b) by omitting paragraph (3) (a) and substituting the following paragraph:

        "(a) if the person has attained his or her minimum retiring age—the person is retired, otherwise than at his or her own request;".

Entitlement to early retirement benefit

45. Section 59 of the Principal Act is amended by inserting "who has not attained the age of 60" after "Where a person".

Rate of standard early retirement pension

46. Section 60 of the Principal Act is amended by omitting "4 per centum" and substituting "31/3 per centum".

Election for lump sum benefit in case of involuntary retirement

47. Section 62 of the Principal Act is amended:

    (a) by inserting in subsection (1) "55 or" after "payable under section";

    (b) by inserting in subsection (2) "55 or" after "entitled under section".

Lump sum benefit payable on commutation

48. Section 65 of the Principal Act is amended by adding at the end the following subsection:

"(3) Where a person who is entitled to:

    (a) additional age retirement pension by virtue of section 57a; or

    (b) additional early retirement pension by virtue of section 61a;

has made or makes an election under section 64, subsection (1) of this section has effect in relation to the person as if the reference in that subsection to the person's accumulated contributions were a reference to the person's accumulated basic contributions.".

Entitlement to invalidity pension

49. Section 66 of the Principal Act is amended by omitting from subsection (3) "as if' and substituting ", as if'.

Invalidity benefit where pension not reduced on medical grounds and election not made under section 68 or 69

50. Section 67 of the Principal Act is amended:

    (a) by omitting subsection (3) and substituting the following subsection:

    "(3) Where the period of contributory service of a person to whom this