c) A Member who leaves the Pensionable Service of the Employer after 1 July 1976 shall be entitled to a minimum refund of all Contributions actually deducted, increased by 1/6 of 1% for each month of Pensionable Service after 1 July 1976.

The benefits in (a) and (b) may be paid in the following manner:

i. The Member may direct that such amounts as specified in (a) and (b) be transferred to a pension fund or retirement annuity fund registered by the Commissioner in terms of the Act; or

ii. The Member may elect to utilise the amounts specified in (a) and (b) to receive a Deferred Pension from a registered insurer or the Fund, payable from his Normal Retirement Age; or

iii. The Member may elect to receive the amount specified in (a) as a lump sum, and the additional benefit be used to purchase a deferred annuity from a registered insurer or the Fund, payable from his Normal Retirement Age, or to be transferred to a retirement annuity fund selected by him, or to a pension fund registered by the Commissioner in terms of the Act; or

iv. If the Member was a member of the Fund on 30 September 1992 and has completed ten years’ continuous service, he may elect, instead of the benefits above, to become a deferred pensioner with a deferred pension calculated in terms of Rule 65 of these Rules as at the date of leaving service.

Where the additional amount is less than such amount as notified by the Commissioner from time to time in terms of the Act, the Member may elect, only at the date of withdrawal, to receive in cash such additional amount. If the Member does not make the election at the date of withdrawal, the amount shall be retained in the Fund and utilised to purchase a Pension payable from his Normal Retirement Age.

Deferred Pensions secured from the Fund shall be calculated using annuity factors as advised by the Actuary from time to time. The annuity factors currently in force are attached as Annexure 2 of these Rules.