22Discontinuance of contributions

22 Discontinuance of contributions

(1) A contributor who is contributing for one or more reserve units of pension may elect to discontinue his contributions in respect of any or all of those units, in which case he shall be paid the amount of the contributions already made by him in respect of those reserve units of pension, together with compound interest on those contributions at the specified rate from the respective dates of payment, less the amount, if any, of a refund paid or payable to the contributor by virtue of the provisions of the Superannuation (Papua and New Guinea) Ordinance 1959. (2) Where a contributor who is contributing for one or more reserve units of pension ceases to be an employee, there shall be paid to him or to his personal representatives the amount of those contributions, together with compound interest on those contributions at the specified rate from the respective dates of payment, less the amount, if any, of a refund paid or payable to the contributor or his personal representatives by virtue of the provisions of the Superannuation (Papua and New Guinea) Ordinance 1959. (3) For the purposes of this regulation, the specified rate means, in relation to any period, a rate determined by the Board in respect of that period.