Sultan Hussain (New Scheme for Payment of Annuity or Commuted Gratuity) Regulations

Subject to these Regulations, every relevant person shall be granted in the financial year 1999 and every subsequent financial year until the end of financial year 2028 an annuity of an amount ascertained in accordance with the formula where Ais the amount of annuity payable to the relevant person in the financial year 1998 under the Ordinance; andBis the total amount of annuities payable to the family of the late Sultan Hussain in the financial year 1998 under the Ordinance.

The payment of the annuity under paragraph (1) shall be made to a relevant person on such date as the Minister may determine from time to time.

Subject to this regulation, a relevant person to whom an annuity is to be granted under regulation 3 may, at his option exercisable in accordance with this regulation, be paid a commuted gratuity ascertained in accordance with paragraph (4) in lieu of the annuity.

The option under paragraph (1) may be exercisable by a relevant person at any time.

If a relevant person has exercised the option under paragraph (1), his decision shall be irrevocable.

The commuted gratuity referred to in paragraph (1) shall be a lump sum equal to the net present value of the outstanding future stream of annuities payable to the relevant person under regulation 3 and discounted at such rate as the Minister may determine.

Where a relevant person to whom an annuity is payable under regulation 3 dies without exercising an option under regulation 4(1), there shall be paid to the estate of the deceased person a commuted gratuity computed in accordance with paragraph (2).

The commuted gratuity payable under paragraph (1) to the estate of a deceased relevant person shall be a lump sum equal to the net present value of the outstanding future stream of annuities payable to the deceased person under regulation 3 and discounted at such rate as the Minister may determine.