Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p8
Version: federal_register_of_legislation:C1965A00097
Segment Type: other
Provision Reference: 
Character Range: 17558–20118

exceeds the prescribed amount—the number of units ascertained in accordance with the formula and
       (b) in the case of an employee—
             (i) who became or becomes an employee on or after the fourteenth day of December, One thousand nine hundred and fifty-nine;
             (ii) whose salary at the relevant time exceeds One thousand three hundred pounds; and

             (iii) the number of years of whose prospective service is less than twenty,
        the number of units, disregarding any fraction of a unit, ascertained in accordance with the formula
"(3.) For the purpose of the application at any time in relation to an employee of a formula contained in the last preceding sub-section—
     A is the number of pounds in the salary of the employee at that time or, if the number of pounds in the salary of the employee at that time is not a multiple of sixty-five, the next lower number that is such a multiple;
     B is the number of pounds in the prescribed amount;
     C is the number of pounds in the amount by which the salary of the employee at that time exceeds the prescribed amount or, if the number so ascertained is not a multiple of one hundred and fourteen, the next lower number that is such a multiple;
     D is the number by which the number of years of prospective service of the employee exceeds ten; and
     E is the number of units of pension for which the employee would be required to contribute at that time under paragraph (a) of the last preceding sub-section if that paragraph were applicable to him.
"(4.) Subject to this Act, a contributor is not eligible or required to begin to contribute for an additional unit of pension as from a date after he has attained the maximum age for retirement.
"(5.) The number of units of pension for which an employee would otherwise be required to contribute at any time shall be reduced by the number of units of pension (if any) by which the number of units of pension ascertained in accordance with sub-section (2.) of this section as it applied in relation to him immediately before that time exceeds the number of units of pension for which he was then a contributor.
"(6.) Where, at the time when an employee became or becomes a contributor, he was or is not less than forty years of age, he may elect to reduce the number of initial units in respect of which he is required to contribute to a number not being less than two.
"(7.) Any additional contribution payable by reason of an increase in the salary of an employee is payable as from the date upon which his