s.30Minimum benefit
30
Section 30Part 6 — Benefits

Minimum benefit

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A member of a defined benefit pension plan that is continued or established after the 1st June, 1998 shall, subject to subsection (4), be entitled at that member's normal pension entitlement date to a minimum annual pension equivalent to 1.5 per cent of that member's pensionable earnings for each year that that member shall have been in membership of that plan subject to a maximum of forty-seven years membership.
Where a member elects to retire before the normal pension entitlement date, that member's annual pension shall be calculated in accordance with the regulations.
In calculating years of membership each completed month shall count as one-twelfth of a year.
The minimum annual pension entitlement referred to in subsection (1) shall, in the case of an employee who makes reduced contributions under section 47(8), be reduced in accordance with guidelines to be issued, from time to time, by the Director.

Cross References