2.—(1) A member who is aged 50 years or over on the date of leaving shall be entitled to a severance lump sum.
(2) The amount of the lump sum in sub-paragraph (1) shall be calculated by multiplying the member’s annual pensionable pay at the date of leaving by the appropriate lump sum factor as specified in the following tables—
(a) Compulsory Retirement Age of 55
| Age | 50 | 51 | 52 | 53 | 54 | 55 or over | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Months | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 |
Lump Sum Factor | 2 1/2 | 2 3/8 | 2 1/4 | 2 1/8 | 2 | 1 7/8 | 1 3/4 | 1 5/8 | 1 1/2 | 1 3/8 | 1 1/4 | 1 1/8 | 1 | 7/8 | 3/4 | 5/8 | 1/2 | 3/8 | 1/4 | 1/8 | 0 | 0 | 0 | 0 |
(b) Compulsory Retirement Age of 57
Age (“X”) | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 or over | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Months | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 | 0-2 | 3-5 | 6-8 | 9-11 |
Lump Sum Factor | 2 3/4 | 2 11/16 | 2 10/16 | 2 9/16 | 2 1/2 | 2 7/16 | 2 6/16 | 2 5/16 | 2 1/4 | 2 3/16 | 2 2/16 | 2 1/16 | 2 | 1 7/8 | 1 3/4 | 1 5/8 | 1 1/2 | 1 3/8 | 1 1/4 | 1 1/8 | 1 | 7/8 | 3/4 | 5/8 | 1/2 | 3/8 | 1/4 | 1/8 | 0 | 0 | 0 | 0 |