28Contributors' accounts

28 Contributors' accounts

(1)  The Commission is to –

(a) maintain each account established under the former regulations for a contributor; and

(b) establish an account for each contributor who becomes a contributor after the commencement day.

(2)  There are to vest in a contributor –

(a) the contributions credited to an account for a contributor; and

(b) any interest that is credited under subregulation (3)  –

less any deductions made for contributions tax in accordance with the law of the Commonwealth and any deductions made under regulation 29 .

(3)  A contributor is entitled to interest on any contributions or other payments made by the contributor to the Commission which have been credited to his or her account.

(4)  For the purposes of this regulation –

(a) interest is to be calculated in accordance with regulation 92 (and, accordingly, may be either positive or negative interest); and

(b) the annual earning rate of the contributory scheme for each relevant financial year is to be determined by the Commission on the advice of the Actuary, with unrealised capital gains and losses being brought to account as income and adjusted having regard to the taxation liability of the contributory scheme.