15Interest on contributions

15 Interest on contributions

(1)  A member to whom this Part applies who makes contributions to the PS Fund is entitled to the payment of interest on the amount of those contributions.

(2)  For the purposes of subregulation (1)  –

(a) the interest on the amount of contributions must be at such rate and be subject to such conditions as the Commission, on the advice of the Actuary, determines; and

(b) the rate of interest so determined may be either a positive or negative rate of interest; and

(c) the interest in respect of –

(i) contributions paid before 1 July 1990 accrues on and after that day; and

(ii) contributions paid on and after 1 July 1990 accrues on and after the day on which those contributions are paid.