24Definitions

24 Definitions

24 Definitions

For the purposes of this Act—

accrued benefit points, in relation to a contributor at the contributor’s exit date, means—

(a) the maximum benefit points for the contributor, or

(b) if the number ascertained by adding together all the contributed points figures for the contributor is less than the maximum benefit points for the contributor—that lesser number.

additional benefit, in relation to a contributor, means the amount calculated in accordance with the formula—

where—

L represents the amount to be ascertained,

S represents the final salary for the contributor, and

P represents the prospective benefit points for the contributor at the contributor’s exit date.

applicable month, in relation to a contributor, means a month that occurs during the period that commences on the contributor’s entry date and ends on the contributor’s final contribution date, except where—

(a) a direction by the Board under section 18 (4) is in force in relation to that month, or

(b) the contributor was not liable to contribute to the Fund in respect of that month by reason that it occurred during leave without pay or between a cessation and resumption of employment with an employer.

average contribution rate per cent, in relation to a contributor at the contributor’s exit date, means the lesser of—

(a) 6 per cent, and

(b) the rate per cent calculated in accordance with the formula—

where—

R represents the rate per cent to be ascertained,

S represents the sum of the rates per cent of salary at which the contributor was liable to pay a contribution for each applicable month for the contributor, and

N represents the number of those applicable months.

contributed points figure, in relation to a contributor, means the figure that, in relation to each applicable month for the contributor that occurs before the contributor attains the age of 65 years, is calculated to 2 decimal places in accordance with the formula—