23Rates of contributions and related matters

23 Rates of contributions and related matters

(1)  The contributions payable by, or on behalf of, a contributor who was making contributions, within the meaning of the Retirement Benefit Regulations 2005, immediately before the commencement day are to be at the rate of those contributions, unless he or she elects to contribute at another rate under regulation 19 .

(2)  The contributions payable by a person who becomes a contributor under these regulations are to comprise 5% of salary unless he or she elects to contribute at a higher rate under regulation 19 .

(3)  If an amount calculated in accordance with this regulation includes a fraction of a cent –

(a) if the fraction is 0.5 cents or more, that amount is to be increased to the next highest whole number of cents; or

(b) if the fraction is less than 0.5 cents, that amount is to be reduced to the next lowest whole number of cents.