Legislative Assembly Members' Pensions Act 1979

(1) Subject to this Act, where a member who has been elected on not less than 3 occasions and has served as a member for an aggregate period of not less than 8 years ceases to be a member, the member is entitled to be paid out of the Central Holding Authority an annual pension at a rate equal to:

A + B

where:

A is an amount equal to 6.25% of final basic salary for each of the first 8 years of service plus 3% of final basic salary for each year of service in excess of 8 years (with a part year being taken into account as a fraction of a whole year calculated on the basis of days), subject to a maximum of 80% of final basic salary.

B is the amount obtained by aggregating, for each office or function for which additional salary was payable to the member, an amount equal to 6.25% of the final additional salary payable in respect of the office or function for each year the member held the office or performed the function (with a part year being taken into account as a fraction of a whole year calculated on the basis of days), subject to a maximum of 80% of the final additional salary payable for the office or function attracting the highest additional salary held or performed by the member.

(2) The annual rate of pension payable under subsection (1) shall be increased in proportion to increases in the basic salary payable to members from time to time.

final additional salary, in respect of an office or function attracting additional salary, means the additional salary payable at the time a person ceases to be a member or, where an office or function has ceased to exist, an amount of additional salary determined by the Speaker after considering actuarial advice.

final basic salary means the basic salary payable at the time a person ceases to be a member.

service includes a period of service recognised under section 26 or 27.