25ASupplementary amounts

25A Supplementary amounts

25A Supplementary amounts

(1) In subsection (2), supplementary amount, in relation to a contributor who ceases to be employed by an employer, dies or retires, means the difference between—

(a) the total of the amount of his initial credit, if any, and of the amount of his contributions and interest at the prescribed rate on those amounts, compounded annually at the end of each financial year, up to the day on which he ceases so to be employed, dies or retires, and

(b) the amount which that total would be if the prescribed rate were—

(i) for each financial year commencing with or after 1 July 1968, and ending with or before 30 June 1973—the average earning rate on the Fund for that year, as determined by the Board,

(ii) for each financial year commencing with or after 1 July 1973, and ending with or before 30 June 1982—5½ per centum per annum, and

(iii) for each financial year commencing with or after 1 July 1982—the rate for that financial year determined by order of the Board.

(2) There shall be paid from the Fund to a contributor who, on or after 1 July 1983—

(a) ceases to be employed by his employer,

(b) dies, or

(c) retires,

the supplementary amount for the contributor.

s 25A: Ins 1983 No 64, Sch 1 (7).