Section 11Part 2 — Registration and AdministrationAmended
Accrual of pension benefits
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The Director shall not register a pension plan where, apart from additional voluntary contributions —
the plan does not provide for the accrual of pension benefits in a gradual and uniform manner; or
the formula for computation of the employer’s contributions to the pension fund or, in the case of a defined benefit pension plan, the benefits provided under the pension plan, are variable at the discretion of the employer.
The Director shall not register a defined contribution pension plan if the formula governing allocation of contributions to a pension fund and the investment yield of such accumulated contributions among members of the pension plan is variable otherwise than at the discretion of a majority of the members of the pension plan.