Section 3: Calculation of contributory retirement pension

3. Calculation of contributory retirement pension (1) For the purpose of calculating the contributory retirement pension, the pension points accruing to an insured person shall be— (a) in the case of a person of the age of 40 or over on the date of entry, computed as if they had accrued to him, at their average rate, for twice the number of years, not exceeding 20, since the date of entry; (b) in the case of a person over the age of 20 but under the age of 40 on the date of entry, the sum of— (i) the pension points accrued to him from the date of entry to 30 June 2008, but computed as if they had accrued to him, at their average rate, for 40 years; (ii) the pension points accrued to him from 1 July 2008 to the end of the financial year preceding his 60th birthday, but computed as if they had accrued to him, at their average rate, for 40 years; (iii) the pension points accrued to him from the financial year in which he attains 60 years until the end of the financial year preceding the date he elects to receive his pension or the end of the financial year preceding his retirement age, whichever is earlier; and (iv) the pension points accrued to him from the financial year of his retirement age until his final retirement age; (c) in the case of a person aged 20 years or less on the date of entry, the sum of— (i) the pension points accrued to him from his eighteenth birthday to 30 June 2008; (ii) the pension points accrued to him from 1 July 2008 to the end of the financial year preceding the date he elects to receive his pension or the end of the financial year preceding his retirement age, whichever is earlier; and (iii) the pension points accrued to him from the financial year of his retirement age until his final retirement age. [Issue 9] N21 – 38 Revised Laws of Mauritius THIRD SCHEDULE—continued (2) Where the person was over the age of 20 but under the age of 40 on the date of entry and the contributory retirement pension becomes payable— (a) at the age of 60 years, the pension shall be— (i) the pension points at (1) (b) (i) multiplied by the value in rupees of one pension point; and (ii) the pension points at (1) (b) (ii) multiplied by the value in rupees of one pension point; less (iii) the value arrived at (ii) multiplied by the appropriate Early Retirement Reduction Factor specified in paragraph 5; (b) after the age of 60 but on or before the retirement age, the pension shall be— (i) the pension points arrived at (1) (b) (i) multiplied by the value in rupees of one pension point; plus (ii) the value arrived at (i) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (iii) the pension points at (1) (b) (ii) and (1) (b) (iii) multiplied by the value in rupees of one pension point; less (iv) the value arrived at (iii) multiplied by the appropriate Early Retirement Reduction Factor specified in paragraph 5; (c) after the retirement age, the pension shall be— (i) the pension points arrived at (1) (b) (i) multiplied by the value in rupees of one pension point; plus (ii) the value arrived at (i) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (iii) the pension points arrived at (1) (b) (ii) multiplied by the value in rupees of one pension point; plus (iv) the value arrived at (iii) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (v) the value arrived at (1) (b) (iii) multiplied by the value in rupees of one pensi ltiplied by the value in rupees of one pension point; plus (ii) the value arrived at (i) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (iii) the pension points arrived at (1) (b) (ii) multiplied by the value in rupees of one pension point; plus (iv) the value arrived at (iii) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (v) the value arrived at (1) (b) (iii) multiplied by the value in rupees of one pension point; plus (vi) the value arrived at (v) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (vii) the pension points at (1) (b) (iv) multiplied by the value in rupees of one pension point. (3) Where the insured person was aged 20 years or less on the date of entry and the contributory retirement pension becomes payable— (a) at the age of 60 years; the pension shall be— (i) the pension points at (1) (c) (i) multiplied by the value in rupees of one pension point; and N21 – 39 [Issue 2] National Pensions Act THIRD SCHEDULE—continued (ii) the pension points at (1) (c) (ii) multiplied by the value in rupees of one pension point; less (iii) the value arrived at (ii) multiplied by the appropriate Early Retirement Reduction Factor specified in paragraph 5; (b) after the age of 60 but on or before the retirement age, the pension shall be— (i) the pension points at (1) (c) (i) multiplied by the value in rupees of one pension point; plus (ii) the value arrived at (i), multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (iii) the pension points at (1) (c) (ii) multiplied by the value in rupees of one pension point; less (iv) the value arrived at (iii) multiplied by the appropriate Early Retirement Reduction Factor specified in paragraph 5; (c) after the retirement age, the pension shall be— (i) the pension points at (1) (c) (i) multiplied by the value in rupees of one pension point; plus (ii) the value arrived at (i) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (iii) the pension points at (1) (c) (ii) multiplied by the value in rupees of one pension point; plus (iv) the value arrived at (iii) multiplied by the appropriate Late Retirement Increase Factor specified in paragraph 6; and (v) the pension points at (1) (c) (iii) multiplied by the value in rupees of one pension point.