1964_PENSION_BENEFITS_ORDINANCE — Page 22

1988 Ed.]

Pension Benefits

[CAP. 99

21

(b) in the case of a deferred pension, in accordance with the provisions which are in force at the date when the officer leaves the service.

(2) Subject to section 21, a separate pension shall be computed and granted in respect of each period of continuous service of an officer in the public service.

Commuted pension gratuity and reduced pension

24. (1) Subject to subsections (5) and (7), an officer to whom any pension is to be granted under this Ordinance, other than a pension under section 14 and an additional pension under section 15, shall, if he has exercised his option in accordance with subsections (2) and (3) of this section, be paid, in lieu of any such pension or aggregate of the pensions, a reduced pension at the rate of 50, 55, 60, 65, 70, 75, 80, 85, 90 or 95% of the pension, or a similar percentage of the aggregate of the pensions, according to the option exercised, together with a commuted pension gratuity equal to 14 times the amount of the reduction so made in the annual pension or aggregate annual pensions.

(2) The option referred to in subsection (1) shall be exercised, and if it has been exercised may be revoked, not later than the day immediately preceding the date of such officer's retirement or, in the case of a deferred pension, not later than the date immediately preceding the date on which such officer attains the age when the deferred pension is payable under section 7(a):

Provided that the Governor may, if it appears to him equitable in all the circumstances so to do, allow an officer in any particular case to exercise the option, or revoke an option previously exercised, at any time between that date and the actual date when the pension or aggregate pensions is payable for the first time.

(3) The option referred to in subsection (1) shall-

(a) be in writing addressed to the Director of Accounting Services; and

(b) state the rate of the reduced pension, in accordance with that subsec-

tion, in the annual pension or aggregate of the annual pension,

and the date of the exercise of the option shall be deemed to be the date on which the Director of Accounting Services receives the option.

(4) Subject to the provisions of subsection (2) as regards the revocation of an option, an option exercised under that subsection shall be irrevocable.

(5) An officer who dies before exercising an option under subsection (1) but after he has retired shall be deemed to have exercised the option to reduce his pension or aggregate pensions by 50% and the commuted pension gratuity and reduced pension shall be paid in accordance with subsection (1).

(6) (a) Subject to paragraph (c) and subsection (7), a commuted pension

gratuity shall be payable

(i) in case the relevant pension is a deferred pension, when that pension is payable under section 7 for the first time;

(ii) in case a direction is given by the Governor under section 11(2) in relation to the relevant pension, when that pension would be payable for the first time if it were a deferred pension;

!

!