After the original Trust Deed was executed on 23 December 1913 the Regulations contained within the Trust Deed were published and a copy provided to each member of the Fund.
Regulation 8 confirms that a male officer who has completed at least 15 years of service is entitled to receive a life pension based on the “classic” pension formula of:
[1/60] times [Years of Service] times [Average Salary]
where [Average Salary] was initially the average of that received over all the years of service.
The initial Member contribution rate was set at 2.5% of Salary. The member contribution rate was increased over the next four decades as the value of benefits also increased at reached 5% of Salary in 1957.
Cover of copy of the Regulations provided to Members of the Fund.