Paragraph 5 Definition of Past Service Reserve

For the purposes of this Clause 8C “Past Service Reserve” means in all cases an amount equal to the value of benefits payable under the Section to and in respect of a Member based on the Member’s actual Pensionable Service, calculated by the Actuary using assumptions which include an allowance for projected increases in the Member’s Final Average Pay and increases to pensions in accordance with the Rules and adjusted to allow for the period from the date of calculation to date of payment.