s.27Deferred pension for past service
27
Section 27Part 5 — Entitlement and Vesting

Deferred pension for past service

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27. (1) An active member of a pension plan continued after the 1st June, 1998 who meets the qualifications in subsection (2) is, subject to section 6(3) and (4), entitled to the benefit mentioned in subsection (3).
The qualifications are that, on the date the member terminates that member’s employment —
the member must have been employed by the employer or have been a member of the pension plan for a continuous period of at least ten years;
the member must have reached the age of forty-five years; and
the member must terminate that member’s employment with the employer before the normal pension entitlement date under the pension plan.
The benefit is a deferred pension provided under the pension plan as it existed on the day before the 1st June, 1998 in respect of employment in the Islands before the 1st June, 1998.
Subsections (1) to (3) do not apply in respect of benefits that result from additional voluntary contributions payable under plans that are not registered under section 6(3).

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