15BEAccrued pension points

15BE Accrued pension points

15BE Accrued pension points

(1) For the purposes of this Division, a contributor accrues one-twelfth of a pension point for each one per centum of his salary contributed by him under section 15AU for a whole month.

(2) Notwithstanding subsection (1), where a contributor contributes to the Pension Fund at an additional rate or additional rates referred to in section 15AU, the maximum number of pension points that he may accrue in respect of that rate or those rates shall be the number ascertained in accordance with the following formula—

where—

N represents the maximum number of pension points that he may so accrue,

M represents the number of whole months during which he was the holder of one or more current insurance policies or for which contributions were being paid in respect of him to the Provident Fund or the Benefits Fund, and

A represents the additional number (if any) of pension points that he has under subsection (3).

(3) For the purposes of this Division, a person who becomes a contributor under section 15AO, 15AP or 15AQ shall be deemed to have accrued such additional number of pension points as the board, having regard to the information available to it, determines that he has accrued in accordance with one or more of the clauses of Schedule C.

(4) The maximum number of accrued pension points that a contributor may have is 240.

(5) The board may round off the number of a contributor’s accrued pension points to one or more decimal places, as it thinks fit.

(5A) The number of accrued pension points applicable for the purposes of this Division or Division 5A in relation to a person referred to in section 15CF (2) is to be calculated subject to section 15CF (4).

(6) For the purposes of this Division and Schedule C, no regard shall, in relation to a contributor, be had to—

(a) any insurance policy if the moneys payable in respect of its surrender or cancellation under section 15AO, 15AP or 15AQ are not credited to the contributor’s servant’s account in the Benefits Fund or Pension Fund, as the case may require, or

(b) any contributions to the Provident Fund or Benefits Fund if they have been paid to the contributor or refunded.