25Definitions

25 Definitions

25 Definitions

(1) For the purpose of calculating the amount of a benefit under this Act, a reference to the amount of a contribution is a reference to the amount paid to the Fund as that contribution, reduced by—

(a) the value, if any, ascribed to the symbol z when calculating the amount of the contribution in accordance with the formula referred to in section 18 (1), and

(b) where any part of the contribution was refunded—an amount equal to the amount of the refund.

(2) Where, during any period of his service, an employee is employed on a part-time basis, the amount of the benefit that would, but for this subsection, be payable to him, or in consequence of his death, shall be reduced as prescribed.

s 25: Am 1976 No 28, Sch 2 (1).