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Regulation 125 Annual rate of short-service annuity

The annual rate of a short-service annuity is the actuarial equivalent of the sum of—

(a)

all of the members' contributions, faster accrual contributions (if any) and additional pension contributions (if any) in respect of a period of post-benefit service paid up to the date of receipt of the application under regulation 162; and

(b)

interest to the date of payment at 3% per year, compounded with yearly rests on those contributions from the first day of the financial year following that in which they were paid.