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—
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,
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—
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
1.5 times the contributions paid or payable by that contributor in that superannuation year under the former Act,
whichever is the less,
in respect of each applicable month in relation to that contributor under the earlier Act, an amount equal to—
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
1.5 times the contributions paid or payable by that contributor in that month under the earlier Act,
whichever is the less, and
in respect of each applicable contribution period since 1 April 1988, an amount equal to—
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
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 operation of Schedule 6 to the earlier Act (transitional provisions—Local Government Pension Fund).
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