Section 1: Calculation of contributory pensions

1. Calculation of contributory pensions For the purpose of calculating a contributory pension— “amount of remuneration producing one pension point” means the amount prescribed by the Minister for the relevant financial year; “average rate” means the average rate at which pension points accrue to an insured person over the prescribed period; “date of entry” means such date as may be prescribed by the Minister; “financial year” means the period of 12 months ending on 30 June in any year; N21 – 37 [Issue 9] National Pensions Act “incomplete year” shall be reckoned as one twelfth year for each completed month, and where there is no complete month, the uncompleted month shall reckon as one twenty-sixth of a month for each day, excluding Sunday; “relevant benefit year” means the financial year in which entitlement to the pension arises; “relevant financial year” means the financial year ending immediately before the beginning of the relevant benefit year; “value in rupees of one pension point” means the value prescribed by the Minister for the relevant benefit year.