Section 34Part 2 — Defined Benefits
Resignation from Service prior to retirement
←→ Navigate · Click subsection badges to collapse · Press ? for help
34. (1) An active defined benefit plan member who resigns from Service prior to becoming eligible for retirement under this Act may, at any time after that person’s resignation date, elect either to leave that person’s accrued benefit in the Fund until that person becomes eligible for retirement (in which case that person’s plan member contribution account will continue to be credited with interest in accordance with rules prescribed by regulations) or to have the Board transfer to an approved plan, subject to the limitations prescribed in subsection (2), an amount equal to the greater of —
the plan member contribution account balance of a plan member; or Section 35 Public Service Pensions Act (2023 Revision) Page 30 Revised as at 31st December, 2022 c
the actuarial equivalent present value of the former plan member’s accrued benefit on the date of resignation (determined by reference to Plan actuarial tables and based on pensionable service and final pensionable earnings on the date of resignation).
Notwithstanding paragraph (b) of subsection (1), the maximum amount that may be transferred by a plan member to an approved plan under subsection (1) shall be prescribed from time to time by the Board. In the event that the amount determined under subsection (1) in the aggregate exceeds the permissible maximum by more than five thousand dollars, the excess of the amount determined under subsection (1) shall remain in the Fund in the plan member’s employer contribution account and the plan member shall have the rights of a deferred vested plan member with respect to such account balance. Where the excess amount does not exceed five thousand dollars, the amount determined under subsection (1) shall be transferred to the approved plan.