Guaranteed Benefit
= Factor : Final Month's Salary x number of years of continuous Superannuable Service
For the purposes of
referred to above: -
the Guaranteed Benefit formula
the
(a) "Factor" means the factor in the table set out below which is appropriate to the Member's years
continuous Superannuable Service and circumstances giving rise to the cessation of his membership of the Scheme.
of
Number of years of
continuous Superannuable Service
Columa 1
:
Column 2
Cessation of membership:
at age 55
or over or
in circumstances other than those
due to il1-|covered in Col 1 health,
accident or Terms of Service
disability
I
II
Less than 2
2.30
0.70
0.70
2 but less than 4
2.30
2.00
0.70
4 but less than 10
2.30
2.00
2.00
10 but less than 15
2.30
2.30
2.30
15 but less than 20
2.40
2.30
2.30
20 but less than 23
2.50
2.40
2.40
25 but less than 33 1/3
2.60
2.50
2.50
Is the event of Column 2 of the said table being applicable to a Member reference shall be made, within column 2, to
the appropriate sub-columa which is headed in relation to the Teras of Bervice which then applicable to the Hember concerned provided that subject to the provisions of clause 7.4, where member, having been a member at November 1, 1979 of one or more of the Original Schames, shall cease a Member of the Scheme after having attained the of 45, but without having either attained the
of
55 or having completed 10 years of continuous Super-
for annuable Service, there shall
the purposes of calculation of the Guaranteed Benefit be substituted for the factors in lines 1 to 3 of both sub-colusne of Column 2 of the said cable a factor of 2.00 is respeci of continuous Superannuable Service prior to July 1, 1973 and a factor of 2.28 in respect of such service after that date.
(b) "Final Month's Salary" shall have and bear the same meaning as stated in the definition contained in Clauss 2 above.
(c) "years of continuous Superannuable Service" means each complete year of Superannuable Service with the University completed by a Member, with any remain- ing balance thereof being expressed as a fraction of a year, as at the date of cessation of his membership of the Scheme, subject however to an absolute limit of 33 1/3 years.
Approved leave of absence (whether paid, partly paid or unpaid basis) shall not be con- sidered as breaking or diminishing years of continuous Superannuable Service.
On
7.3 (a) In the event of a Member's death in service any benefit, right or entitlement hereunder which he may have had immediately prior to his death, shall be automatically and forthwith forfeited to the Council. The Council may then, if it so elects, declare that it holds lump sum calculated
io the manner set out below upon trust and 00
to constitute a separate trust and separate trust fund for the benefit of the Dependants of such deceased Nember,
(b) The lump sum in respect of which the Council may declare itself discretionary trustee in accordance with this Clause shall be an amount equivalent to the Guaranteed Benefit which the Member concerned would have received had he retired due to ill health upon the date of his death plus, if the Council shall in abaslate discretion determine, * Supplementary Death Benefit equivalent to twice the Member's final number of years Honth's Balary multiplied by the (including any fractious of a year) measured from the first day
the calendar Boath which immediately
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