Deeds of Variation that Confirm Lawful Benefit

The following Deeds of Variation confirm the pension benefit for a male officer who has completed at least 15 years of service.

These Deeds of Variation have until recently been criminally concealed from the members and beneficiaries of the fund.

Consolidation Deed of Variation dated 6 May 1958

The provisions of this Deed took effect on 1 July 1956 and replaced the previous pension formula with a revised formula which provided improved benefits in the event that a male officer was retrenched before attaining the early retirement age of 60 {Regulation 29}.

The averaging period for [Final Average Salary] was originally prescribed to be the last 10 years of service.

1958 Consolidation Deed of Variation

Deed of Variation dated 7 March 1961

The provisions of this Deed took effect on 7 January 1961 and reduced the averaging period for the determination of [Final Average Salary] from the last 10 to the last 7 years of service.

1961-03-07 – Deed of Variation

Deed of Variation dated 3 August 1965

The provisions of this Deed took effect on 1 October 1965 reduced the averaging period for the determination of [Final Average Salary] from the last 7 to the last 5 years of service.

1965-08-03 – Deed of Variation

Deed of Variation dated 3 September 1970

The provisions of this Deed took effect on 3 September 1970 reduced the averaging period for the determination of [Final Average Salary] from the last 5 to the last 3 years of service.

1970-09-03 – Deed of Variation

The impact of the changes to the pension formula is illustrated in a diagram that can be found here.

There has been no Deed of Variation executed in accordance with the Power of Amendment {Regulation 50} that repeals Regulation 29.

The member contribution rate was prescribed to be 5% of salary from 1 February 1957 and there has been no Deed of Variation executed in accordance with the Power of Amendment {Regulation 50} that has increased the prescribed contribution rate above 5% of salary.

Deed of Variation dated 20 November 1974

This Deed of Variation added Regulation 30A which made a survivorship pension “automatic” for the widows of qualifying male officers.

Male officers were also provided with the opportunity to make an election to convert some of all of their pension entitlement into a lump sum.

However it is important to note that the Trustee could not dictate that a lump sum be provided in lieu of the pension benefit.

1974-11-20 – Deed of Variation


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