178Normal retirement benefit

178 Normal retirement benefit

(1)  If a member ceases to be an employee at the normal retirement date, the Commission must pay to the member an amount determined as follows –

(a) 15% of salary for each year of service completed on or before 30 June 1990; and

(b) 20% of salary for each year of service completed after 1 July 1990 and before 1 July 2005; and

(c) 16% of salary for each year of service completed on or after 1 July 2005.

(2)  Despite subregulation (1) , an amount payable under that subregulation must not be less than the amount determined under regulation 181 .

(3)  For the purposes of subregulation (1) , service is to be calculated in years and complete months.