The provisions of these Regulations and of the Administrative Rules shall apply equally to members of the staff of each member organization whose employment is for at least half the time of full‑time members of the staff, except that:
(a) The entitlement to and the amount of benefits resulting from such employment shall be reduced in the ratio which it bears to full employment; and
(b) Such employment prior to 1 January 1975 shall not be open to validation or be taken into account for any other purpose.
The provisions of these Regulations and of the Administrative Rules shall apply to officials covered by the Conventions on the Privileges and Immunities of the United Nations and of the Specialized Agencies who perform such functions for the member organization of the Fund which, if provided by their staff members, would be considered as full-time or part-time employment for the purpose of these Regulations.
(a) Effective 1 April 1987, notwithstanding the provisions of article 1(h), the final average remuneration of a participant in the Professional or higher categories who was in contributory service on 31 March 1987, had at least 36 completed calendar months of such service as of that date and whose pensionable remuneration was lowered by the scale of pensionable remuneration effective 1 April 1987, shall be calculated under both article 1(h) and paragraph (b) of this article, with the participant being entitled to that method of calculation which results in the higher benefit at the standard annual rate.
(b) (i) The highest final average remuneration to which the participant would have been entitled in accordance with article 1(h) if he or she had separated from service on
31 December 1984 or on any later date preceding the actual date of separation shall
be applied to the participant’s contributory service up to and including the date on
which that final average remuneration was first attained;
(ii) The final average remuneration calculated in accordance with article 1(h) shall be
applied to the participant’s contributory service after such date; and
(iii) The benefit payable at the standard annual rate under the provisions of article 28(b) or (c) shall be calculated by adding to the benefit based on the contributory service in (i) above the benefit based on the contributory service in (ii) above, subject to article 28(d) where applicable.
(c) Nevertheless, and notwithstanding the provisions of article 28(d), the benefit payable to a participant at the standard annual rate in accordance with paragraph (b) above shall not be less than the benefit to which he or she would have been entitled if separated on the date the highest final average remuneration was first attained.
Notwithstanding the provisions of article 28(g), a participant in contributory service on 31 March 1987 may commute a retirement benefit payable into a lump sum to the extent of the greater of:
(a) The amount calculated under article 28(g); or
(b) (i) If the participant’s age on 31 March 1987 was less than 55, the actuarial equivalent of one-third of the benefit that would have been payable if separated on 31 March 1987 and had been aged 60 on that date;
(ii) If the participant’s age on 31 March 1987 was 55 or more, the actuarial equivalent of one-third of the benefit that would have been payable to the participant, had he or she retired on 31 March 1987 and had attained on that date the age at his or her actual date of separation.