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SCHEDULE 5Payment to Avoid Reduction of Retiring Allowance

PART ILUMP SUM PAYMENT

1.  The amount to be paid by an employee who has under regulation C9 elected to make payment by a lump sum is—

where—

  • A is the length of the period of reckonable service specified in his notice of election, expressed in complete years and any fraction of a year;

  • B is his remuneration at the date of the election; and

  • C is, in the case of a man, the figure specified in column 2 of the Table against his age on his birthday follow the date of the election; and in the case of a woman, a figure to be specified by the Government Actuary.

TABLE

(1)(2)
Age on birthday next following electionFigure to be used
252.76
262.61
272.51
282.44
292.39
302.35
312.31
322.28
332.25
342.23
352.21
362.20
372.18
382.17
392.16
402.15
412.14
422.13
432.12
442.11
452.10
462.09
472.08
482.08
492.09
502.10
512.12
522.14
532.16
542.18
552.20
562.22
572.24
582.26
592.28
602.30
612.31
622.32
632.33
642.34

2.  The amount is to be paid within one month after the date of the election.