Section 3: Entitlement to retiring allowance

3. Entitlement to retiring allowance (1) (a) Subject to subsection (2), there shall be deducted from the salary payable to every member a contribution of 6 per cent of his salary. (b) Any contribution deducted under subsection (1) shall be paid into the Consolidated Fund. (2) Subsection (1) shall not apply to a member who has notified the Minister in writing of his intention not to pay the contribution. (3) Subject to this Act, every retiring member who has rendered qualifying service, and has, throughout his legislative service, paid the appropriate contribution shall be entitled to a retiring allowance at the annual rate of onethree hundred and sixtieth of his annual pensionable emoluments in respect of each complete month of his legislative service. (3A) Notwithstanding subsection (3), the annual rate applicable to a retiring member who served as a member of the Assembly for any period prior to the general election held after 1 July 2008, shall be one-two hundred and seventieth of his annual pensionable emoluments in respect of each complete month of his legislative service during such period. (4) Notwithstanding this Act, any retiring member who served as a member of the Assembly for the period or any part of the period commencing on the date of the first sitting of the Assembly held after the general election of 7 August 1967 and ending on 30 July 1971 and for the period or any part of the period commencing on 31 July 1971 and ending with the dissolution of Parliament which next followed, shall be deemed to have served 2 terms and this Act shall apply to him. [S. 3 amended by Act 33 of 1982; Act 7 of 1985; Act 16 of 1988; Act 7 of 1996; s. 22 of Act 15 of 2006 w.e.f. 1 July 2006; s. 21 of Act 18 of 2008 w.e.f. 1 July 2008.]