s. 35 (3) A member who is entitled to a deferred benefit S. 34A(3) may elect in writing to the Board to— inserted by No. 95/2000 s. 21(1). (a) convert the entitlement to a present lump sum; and (b) have the lump sum rolled over or transferred S. 34A(3)(b) substituted by within the superannuation system as Nos 40/2004 nominated by the member. s. 41(2), 37/2007 s. 50. (4) The method of calculating the conversion under S. 34A(4) inserted by subsection (3) is to be determined by the Minister No. 95/2000 on the advice of an actuary appointed by the s. 21(1). Board. 35 Benefit on resignation (1) If a member resigns, he or she is entitled to— S. 35(1) amended by No. 110/1993 (a) a cash benefit equal to the amount of s. 129(2)(d). 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) (2) In subsection (1)(b)(ii) balance of the accrued amended by means the accrued retirement retirement benefit No. 110/1993 benefit at the time of his or her resignation less the s. 129(2)(d). 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.
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. 35 Benefit on resignation s. 35 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.
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