Section 36: Conversion of balances of associates

36. Conversion of balances of associates (1) The balance standing to the credit of every associate of the Sugar Industry Retiring Fund on 1 January 1956 shall, after being transferred to the Fund be dealt with as specified in subsection (2). (2) (a) That part of each balance which represents the employee’s contribution together with its proportionate share of interest, shall, at the employee’s option, be payable either monthly as a deferred pension to be added to the other pensions payable to him on retirement, or shall be paid cash to the employee on retirement as a lump sum together with compound interest at the prescribed rate from 1 January 1956. (b) (i) That part of each balance which represents the employer’s contribution, together with its proportionate share of interest, shall be set off against the cost of paying the employee’s past service pension under section 35. (ii) No past pension granted in respect of the period of existence of the Sugar Industry Retiring Fund shall be less than the deferred pension which would have accrued from the conversion of the employer’s contribution and interest.