   
  
 Date on which a member attains the age of 55 years 
 A member with less than 50% of the minimum sum applicable to him in cash 
 A member with 50% or more of the minimum sum applicable to him in cash 

 (a)  On or after 1st July 2004 but before 1st July 2005 

  $500 + [(X_{1} − 50%) ÷ 50% × (Y − $500)] 

  On or after 1st July 2014: 
 On or after 1st July 2014: 

  (a)  X_{2 }÷ 50% × $500, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. 

 (a)  $500 + [(X_{2} − 50%) ÷ 50% × (Y − $500)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. 


  (b)  If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of — 

 (b)  If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of — 


  (i)  the computed amount applicable to the member immediately before 1st July 2014; or 

 (i)  the computed amount applicable to the member immediately before 1st July 2014; or 


   
 (b)  On or after 1st July 2005 but before 1st July 2008 

  $450 + [(X_{1} − 50%) ÷ 50% × (Y − $450)] 

  On or after 1st July 2014: 
 On or after 1st July 2014: 

  (a)  X_{2} ÷ 50% × $450, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. 

 (a)  $450 + [(X_{2} − 50%)÷ 50% × (Y − $450)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. 


  (b)  If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of — 

 (b)  If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of — 


  (i)  the computed amount applicable to the member immediately before 1st July 2014; or 

 (i)  the computed amount applicable to the member immediately before 1st July 2014; or 


   
 (c)  On or after 1st July 2008 

  