Earnings to be credited to Member’s account
182 Earnings to be credited to Member’s account
The Board is to credit earnings to each Member’s retirement income account at a rate equal to the Member’s earning rate on the balance of the account —
at least once every year; and
when a lump sum benefit is to be paid, or an amount transferred, from the Member’s retirement income account under Division 6.
The Board is to decide whether the earning rate is to be applied to daily balances, average balances or on some other basis.
If a Member’s retirement income account has been divided into sub‑accounts under regulation 179 the Board is to credit earnings to each sub‑account as if it were a separate retirement income account.
[Regulation 182 inserted: Gazette 19 Mar 2003 p. 824-5.]
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