Local, Government (Superannuation) Act, 1948
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Determination of allowance granted to established servant. |
50.—The allowance to be granted to an established servant under section 49 of this Act on his ceasing to hold his employment shall be either— | |
(a) an allowance at the rate per annum of one-sixtieth of his pensionable remuneration multiplied by the number of the years of his pensionable local service, or | ||
(b) an allowance at the rate per annum of two-thirds of his pensionable remuneration, | ||
whichever is the less. |