8Definitions

8 Definitions

8 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.

former Fund means the Local Government Pension Fund established under the former Act.

guaranteed pension points, in relation to a transferred contributor, means a number of points which is the greater of 0 and the number determined by the formula—

where—

S represents the number of guaranteed pension points to be calculated,

P represents the number of prospective benefit points which would have been calculated under the current Act if the age for early retirement had been 65 years,

A represents the number of accrued benefit points calculated as if 1 April 1988 were the transferred contributor’s exit date under the current Act,

B represents the number of accrued benefit points at the transferred contributor’s exit date under the current Act, and

R represents the number of prospective benefit points calculated in respect of the transferred contributor in accordance with section 36 of the current Act (definitions) as modified by clause 6 (4).

notional accumulation, in relation to a transferred contributor who became a contributor to the former Fund under section 15AO, 15AP or 15AQ of the former Act, means an amount equal to the sum of—

(a) the amount credited to the general reserve or the special reserve of the former Fund under section 15AO (3), 15AP (9) or 15AQ (10) of the former Act in respect of that contributor,

(b) in respect of each superannuation year during the period beginning with the date on which that contributor became a contributor to the former Fund and ending with 30 June 1985, an amount equal to—

(i) 5.25 per cent of the salary of that contributor, based on the rate of salary determined under section 15AV of the former Act in respect of that superannuation year, or

(ii) 1.5 times the contributions paid or payable by that contributor in that superannuation year under the former Act,

whichever is the less,

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