41   Benefit on resignation, dismissal or discharge before early retirement age

(1)  The benefit provided by this section is payable by STC to a contributor:

(a)  if, before attaining the early retirement age, the contributor, having resigned, or having been dismissed or discharged, from employment with an employer, elects under section 43 (1) to take that benefit and no other benefit is payable under this Act, or

(b)  if the amount of that benefit is less than the prescribed amount referred to in section 43 (1).

(2)  The benefit provided by this section for a contributor for whom the period commencing on entry date and ending on exit date is 10 years or more is an amount equal to the sum of:

(a)  the amount of the contributor-financed benefit, and

(b)  an amount of employer-financed benefit calculated in accordance with the formula:

where:

W represents the amount to be ascertained,

V represents the period (expressed in years with any fractional part of a year being calculated on a basis of complete contribution periods) that commenced on the contributor’s entry date and ended on the contributor’s exit date,

R represents the amount of the contributor-financed benefit,

A represents the accrued benefit points for the contributor at the contributor’s exit date, and

Y represents the number ascertained by adding together all the contributor’s contributed points figures calculated in relation to the contributor for the applicable contribution periods for the contributor.

(2A)  If STC makes a determination under section 45A in relation to a benefit to be provided by this section, the amount of that benefit is reduced by the amount specified in STC’s determination.

(3)  The benefit provided by this section for a contributor for whom the period commencing on entry date and ending on exit date is less than 10 years is the amount of the contributor-financed benefit.