Entitlement

(1) An insured person who– (a) has attained the age of sixty years; and Social Security 73 (b) has satisfied the relevant contribution conditions specified in these Regulations; and (c) has retired from insurable employment or shows to the satisfaction of the Manager that he is no longer substantially employed in insurable employment, shall be entitled to retirement benefit by way of periodical payments or lump sum payment: Provided that– (a) subparagraph (c) above shall not apply to a person who is over sixty–five years; (b) no lump sum payment in respect of a retirement benefit shall be payable if the insured person qualifies for periodical under this Regulation. (2) Subject to these Regulations, the relevant contribution conditions for a periodical payment (hereafter in these Regulations referred to as “retirement pension”) in respect of an insured person are not less than– (a) one hundred and fifty contributions have been paid; and (b) five hundred contributions have been paid or credited including those in sub–paragraph (a) above. (3) An insured person who does not satisfy the conditions specified in paragraph (2) shall be entitled to retirement benefit by way of a lump sum payment (hereafter in these 74 Social Security Regulations referred to as “retirement grant”) if not less than twenty–six contributions have been paid in respect of him. (4) For the purposes of this Regulation, a person shall be deemed to be substantially employed in insurable employment if his total earnings (from one or more insurable employments) calculated in accordance with the Collection of Contributions Regulations amount to fifty dollars per week or more, and the expression “substantial employment” shall be construed accordingly. (5) Where after the award of a retirement pension a person under 65 years is, in any week or longer period– (a) substantially employed in accordance with paragraph (4), the retirement pension shall not be payable; or (b) employed in insurable employment which in accordance with paragraph (4) is not substantial employment, the amount of retirement pension payable shall not exceed thirty–five dollars per week. (6) Where the payment of a pension ceases in accordance with paragraph (5)(a) or the amount of pension is reduced in accordance with paragraph (5)(b), the payment of the pension shall be resumed or shall be resumed at the appropriate rate, as the case may be, in accordance with the provisions of the Claims and Payments Regulations.