Form of election, mode of payment, effect of unpaid instalments
8(1)An election under subsection 6(1)
(a)
shall be made in writing and signed by the member,
(b)
shall be forwarded to the Minister within the time prescribed in this Act, and
(c)
is irrevocable except as determined by the Lieutenant-Governor in Council.
8(2)An amount required to be paid under subsection 6(1) shall be paid by the member into the Members Superannuation Account
(a)
in a lump sum at the time of making the election, or
(b)
in instalments together with interest thereon, over a period determined by the Minister; but, that period shall not exceed the pensionable service in respect of which the election is made.
8(3)Subject to subsection (4), where paragraph (2)(
b) is used and the member ceases to be a member before all instalments have been paid, the unpaid instalments shall be withheld from any benefit payable under this Act.
8(4)Where the benefit referred to in subsection (3) is payable to the surviving spouse or children of a member, the unpaid instalments shall not be withheld from the benefit unless the surviving spouse or children, as the case may be, desire that the pensionable service represented by the unpaid instalments be used in calculating the benefit.
1968, c.8, s.8; 1973, c.57, s.3; 1974, c.27 (Supp.), s.2; 1987, c.6, s.60; 1993, c.65, s.4