s.18Contributions to the Fund
18
Section 18Part 4 — Funding and Investments

Contributions to the Fund

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Participants shall contribute to the Fund at the rate of 6% of their pensionable earnings and any change in such rate shall be prescribed by the most recent actuarial valuation accepted by the Governor pursuant to section 10.
The Government shall contribute to the Fund at the rate prescribed by the most recent actuarial valuation accepted by the Governor pursuant to section 10.
A participant's contribution shall be deducted each pay period by the Government from such participant's pensionable earnings and paid by the Government into the Fund on a monthly basis; and such payments shall be made no later than the 15th day of the month immediately following the date when the payments are due.
Any participant contributions which are credited pursuant to this Law to a participant's account shall be credited to his account on the date such contributions are received.
The Government's contribution in respect of a contributing participant's service shall be a charge on the revenue of the Islands and shall be determined and paid by the Government into the Fund at the same time as the Government pays the participant's contribution into the Fund under subsection (3).
Subject to the provisions of this Law, every participant shall cease to contribute to the Fund on the day on which he ceases to be a Speaker or a member.
Contributions shall be assessed, and deductions shall be made, based on the pensionable earnings paid to a participant for the period for which the contributions and deductions relate, whether or not he may have, for any reason, been entitled to additional payments for that period.

Defined Terms

pensionable earningsparticipant

Cross References