36Definitions

36 Definitions

36 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 higher of the contributor’s final salary or the contributor’s final average salary, and

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

applicable contribution period, in relation to a contributor, means a contribution period that occurs during the period that commences on the contributor’s entry date and ends on the contributor’s final contribution date, except where the contributor was not liable to contribute to the Fund in respect of that contribution period because it occurred during leave without pay.

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 contribution period for the contributor, and

N represents the number of those applicable contribution periods.

contributed points figure, in relation to a contributor, means the figure that, in relation to each applicable contribution period for the contributor, is calculated in accordance with the formula—

where—

F represents the figure to be ascertained,