13Portion attributable to employer contributions

13 Portion attributable to employer contributions

13 Portion attributable to employer contributions

(1) For section 12, A is calculated by subtracting the sum of the following amounts from the amount represented by B—

(a) the total amount deducted under the Act from the salary of office of the member or former member of the police force, from the date when the member or former member last became a member of the police force to the date on which the member or former member stopped being a member of the police force or died,

(b) the amount repaid by the member or former member to the Fund under the Act, section 17(3),

(c) interest—

(i) compounded on 30 June in each year for the period beginning on the later of the following—

(A) 23 November 1984,

(B) the day on which the member or former member last became liable to make contributions under the Act, and

(ii) compounded on the date on which the member or former member stopped being a member of the police force or died, and

(iii) calculated at the prescribed rate provided for by subsection (2) on the amount ascertained by adding the amounts referred to in paragraphs (a) and (b).

(2) For subsection (1)(c)(iii), the prescribed rate is—

(a) for the period beginning on 23 November 1984 and ending on 30 June 1990—4.5% per year, or

(b) for the period beginning on or after 1 July 1990—the rate fixed from time to time under the State Authorities Superannuation Act 1987, section 16.

(3) Despite subsections (1) and (2), for section 12, is taken to be 1 if the benefit to be reduced is an increase in an allowance under the Act, section 10 or 12.