123. The entitlement day for a short-service annuity is the date specified in an application under regulation 162 for payment of the annuity, which must be no earlier than 6 weeks after the day on which the application is made.
124.—(1) A person (P) is entitled to payment from the entitlement day of a short-service annuity in respect of post-benefit service if—
(a)P enters a period of post-benefit service;
(b)P is not re-qualified for retirement benefits in respect of that service;
(c)P leaves all eligible employment; and
(d)P has applied under regulation 162 for payment of the annuity.
(2) A short-service annuity is payable for life.
125. The annual rate of a short-service annuity is the actuarial equivalent (to be determined by the Department after taking advice from the scheme actuary) of the sum of—
(a)all of the members’ contributions, faster accrual contributions (if any) and additional pension contributions (if any) in respect of a period of post-benefit service paid up to the date of receipt of the application under regulation 162; and
(b)interest to the date of payment at 3% per year, compounded with yearly rests on those contributions from the first day of the financial year following that in which they were paid.