6Benefit points to be credited to a transferred contributor

6 Benefit points to be credited to a transferred contributor

6 Benefit points to be credited to a transferred contributor

(1) A transferred contributor is, in respect of his or her service before the transfer date, entitled to the number of transferred benefit points calculated in accordance with the following formula:

where:

P represents the initial points credit, and

E represents the amount relating to the contributor which was credited to the appropriate employer reserve in the SAS Fund in accordance with clause 5 (5) (c) of this Regulation from sub-Accounts 3 and 4 of the Provident Fund, as specified in clause A8.1 a of the Trust Deed, and

W represents the contributor’s annual salary at the transfer date.

(2) For the purposes of subclause (1), salary has the same meaning as in section 4 of the Act (Salary).

(3) The SAS Board may round off the number of a transferred contributor’s accrued transferred benefit points to not less than one decimal place, as it thinks fit.