33Definitions

33 Definitions

33 Definitions

In this Part—

applicable month has the meaning that that expression had under section 24 of the earlier Act (interpretation).

former Act means the Local Government and Other Authorities (Superannuation) Act 1927.

notional accumulation, in relation to a transferred contributor, means an amount equal to the sum of—

(a) the amounts credited to the appropriate employer reserve established under the former fund in accordance with clause 6 (3) of the Public Authorities Superannuation (Closed Local Government Schemes Transfer) Regulation 1986 in respect of that contributor,

(b) in respect of each applicable month in relation to that contributor under the earlier Act, an amount equal to—

(i) 5.25 per cent of the salary of that contributor, multiplied by the salary ratio of that contributor in respect of that month as determined by the Board, based on the rate of salary determined under section 6 of the earlier Act (salary) in respect of that month, or

(ii) 1.5 times the contributions paid or payable by that contributor in that month under the earlier Act,

whichever is the less, and

(c) in respect of each applicable contribution period since 1 April 1988, an amount equal to—

(i) 5.25 per cent of the salary of that contributor, multiplied by the salary ratio of that contributor in respect of that period, based on the rate of salary determined under section 26 of the current Act (salary basis for contributions) in respect of that period, or

(ii) 1.5 times the contributions paid or payable by that contributor under the current Act,

whichever is the less,

together with interest at a rate or rates determined by the Board, but reduced by an amount or amounts calculated in such manner as the Board may determine in respect of the costs of administering the scheme and such other charges as may be determined by the Board.

transferred contributor means a person who has become a contributor by virtue of clause 3 of Schedule 3 to the current Act (savings and transitional provisions) after having become a contributor to the earlier Fund by virtue of the Public Authorities Superannuation (Closed Local Government Schemes Transfer) Regulation 1986.