7Reduction for the Act, sections 39, 40 and 42

7 Reduction for the Act, sections 39, 40 and 42

7 Reduction for the Act, sections 39, 40 and 42

(1) For the Act, section 45A(2)(b), the following formula is prescribed as the method of calculating a reduction of a benefit payable under the Act, section 39, 40 or 42—

where—

R is the amount of the reduction.

A is the accrued benefit points for the contributor at the contributor’s exit date.

B is the period in days of continuous contributory service that began on the taxable date.

C is the period in days of continuous contributory service for the contributor.

S is the contributor’s final salary.