APGVBP Regulations 50Chapter IX · General Conditions

Section 50 · Date from which pension becomes payable

(1)

Except in the case of an employee to whom the provisions of regulation 41 and regulation 44 apply, pension other than the family pension shall become payable from the effective date or, as the case may be, from the date following the date of retirement, whichever is later, if the employee has exercised his option to become a member of the Fund and refunded the entire amount of Bank's contribution within the time stipulated under these regulations.

(2)

Except in the case of an employee to whom the provisions of regulation 41 and regulation 44 apply, family pension shall become payable from the effective date or, as the case may be, from the date following the date of death of the employee, whichever is later, if the family of the deceased employee has exercised the option to become member of the Fund and refunded the entire amount of Bank's contribution within the time stipulated under these regulations.

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