Local Government (Superannuation) Act, 1956
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Determination of allowance granted to pensionable officer. |
17.—The allowance to be granted to a pensionable officer under section 15 of this Act on his ceasing to hold office shall be— | |
(a) an allowance at the rate per annum of one-eightieth of his pensionable remuneration multiplied by the number of whole years in his service at the termination of his office, any odd fraction of a whole year being disregarded, or | ||
(b) an allowance at the rate per annum of one-half of his pensionable remuneration, | ||
whichever is the less. |