120. The entitlement day for a short-service annuity is the date specified in an application under regulation 159 for payment of the annuity, which must be no earlier than 6 weeks after the day on which the application is made.
121.—(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 159 for payment of the annuity.
(2) A short-service annuity is payable for life.
122. The annual rate of a short-service annuity is the actuarial equivalent of the sum of—
(a)all of the member’s standard 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 159; 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.