PART 3RETIREMENT BENEFITS
Lump sum: entitlement and amount25
1
This regulation applies where a member (“P”) retires on or after the commencement day, and becomes entitled to the payment of a pension under this Part.
2
At the time P becomes entitled to the payment of the pension, P becomes entitled to a lump sum.
3
The amount of the lump sum is to be determined in accordance with the following formula—
where A is the annual rate of the pension payable to P under this Part.