(1)  If –

(a) a member to whom this Part applies dies, or the Committee is satisfied as to the matters referred to in regulation 61 and provides the Board with written notice that the Committee is so satisfied; and

(b) the member ceases to be a member before he or she attains the age of 60 years –

the Board must pay out of the PRB Fund, in respect of the member, a lump sum payment calculated in accordance with the following formula:

where –

P is the amount to be paid;

n is the number of years service the member would have served if he or she had attained the age of 60 and still been a member;

FS is the final salary of the member determined in accordance with regulation 58 .

(2)  If –

(a) a member dies, or the Committee is satisfied as to the matters referred to in regulation 61 and provides the Board with written notice that the Committee is so satisfied; and

(b) the member ceases to be a member on or after the date when the member attains the age of 60 years –

the Board must pay out of the PRB Fund, in respect of the member, a lump sum payment calculated in accordance with the following formula:

where –

P and FS have the meanings assigned to those symbols in subregulation (1) ;

n is the number of years served by the member on the date when he or she died or the date on which the duly qualified medical practitioner referred to in paragraph (a) of regulation 61(1) certifies in his or her report the matters referred to in that paragraph.

(3)  In calculating the amounts referred to in subregulations (1) and (2) , "n" must not exceed 20.

(4)  The Board must, out of the PRB Fund, pay to a person who is entitled to a death or invalidity benefit under subregulation (1) , in respect of a member who served 20 or more years as a member, such further amount as it may determine on the advice of the Actuary having regard to –

(a) the benefit which may be attributed to any portion of the service of the member in excess of 20 years; and

(b) the minimum benefits prescribed under the SG Act.

Subdivision 4 - Termination benefits