Evidence of Benefit – 1914 Regulations

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.

  1914 Regulations Cover   Pension Benefit - 1914 Booklet