Section 33: Rate of pension

33. Rate of pension (1) (a) Subject to paragraphs (b) and (c), the rate of pension earned by a member shall be in accordance with— (i) the First Schedule; (ii) the final salary pension scheme for staff employees; or (iii) subparagraphs (i) and (ii), as may be determined by the Board, as appropriate, on the advice of the actuary, and shall be payable monthly in arrears. (b) The rate of pension earned by a member under paragraph (a), excluding any pension payable to the member from the VAC Fund or the National Pension Fund, shall not exceed two-thirds of the highest annual salary drawn by the member at any time in the course of his service. (c) The limitation of two-thirds referred to in paragraph (b) shall not apply to a member who retires after the normal pension age. (2) The pension payable to a retiring employee from the VAC Fund shall be determined by the Board on the advice of the actuary. [S. 33 added by Act 25 of 2000; amended by s. 35 (10) (d) of Act 20 of 2001 w.e.f. 17 September 2001; s. 18 (a) of Act 10 of 2010 w.e.f. 24 December 2010.]