Supplemental Contributory Pensions Trust Act · s 7

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7.
Establishment of Supplemental Contributory Pensions Trust
(1) For the purposes of this Act, there is hereby established a trust to be known as the Supplemental Contributory Pensions Trust into which shall be paid all contributions authorised under this Act and out of which shall be met all payments authorised to be paid under this Act.
(2) (Deleted).
(3) (Deleted).
(4) Each member shall be assigned an individual account within the
Trust to be called the SCP account to which all contributions for that member shall be credited, excluding that portion of contributions to be paid into the survivorship protection fund under sections 8, 9 and 10.
(5) An annual dividend reflecting the income generated from investment of the Trust also shall be credited to the SCP account.
(6) An annual dividend shall be payable on the SCP account balance at such rate as the Board may declare.
(7) The Board shall not declare a rate of annual dividend except with the approval of the Minister.
(8) The Board, with the objective of reducing fluctuations in the rate of annual dividend from year to year, may not declare a rate of annual dividend in any one year which is higher than the average of actual total annual return on investments of the Trust over the 5 years up to and including that year, calculated following internationally accepted accounting principles and standards for valuing investment portfolios; the surplus from years where the declared rate of annual dividend is lower than the actual total return shall be accounted for separately and used solely for allocation to members’ SCP account balances in years where the declared rate of annual dividend is higher than the actual total return.
(9) During the first 4 years, the Board may not declare a rate of annual dividend in any year which is higher than the average annual total return up to that year since the establishment of the Trust.

Supplemental Contributory
Pensions Trust 16
(10) If the Board is at any time unable to pay any sum which the Trust is required to pay under this Act, the sum required to be so paid shall be charged on and advanced to the Board from the Consolidated Fund and the
Board shall as soon as practicable repay to the Government the sum so advanced.

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s 7Establishment of Supplemental Contributory Pensions Trust

(1)

For the purposes of this Act, there is hereby established a trust to be known as the Supplemental Contributory Pensions Trust into which shall be paid all contributions authorised under this Act and out of which shall be met all payments authorised to be paid under this Act.

(2)

(Deleted).

(3)

(Deleted).

(4)

Each member shall be assigned an individual account within the

Trust to be called the SCP account to which all contributions for that member shall be credited, excluding that portion of contributions to be paid into the survivorship protection fund under sections 8, 9 and 10.

(5)

An annual dividend reflecting the income generated from investment of the Trust also shall be credited to the SCP account.

(6)

An annual dividend shall be payable on the SCP account balance at such rate as the Board may declare.

(7)

The Board shall not declare a rate of annual dividend except with the approval of the Minister.

(8)

The Board, with the objective of reducing fluctuations in the rate of annual dividend from year to year, may not declare a rate of annual dividend in any one year which is higher than the average of actual total annual return on investments of the Trust over the 5 years up to and including that year, calculated following internationally accepted accounting principles and standards for valuing investment portfolios; the surplus from years where the declared rate of annual dividend is lower than the actual total return shall be accounted for separately and used solely for allocation to members’ SCP account balances in years where the declared rate of annual dividend is higher than the actual total return.

(9)

During the first 4 years, the Board may not declare a rate of annual dividend in any year which is higher than the average annual total return up to that year since the establishment of the Trust.

Supplemental Contributory

Pensions Trust 16

(10)

If the Board is at any time unable to pay any sum which the Trust is required to pay under this Act, the sum required to be so paid shall be charged on and advanced to the Board from the Consolidated Fund and the

Board shall as soon as practicable repay to the Government the sum so advanced.