s.2Definitions
2
Section 2Part 1 — Preliminary

Definitions

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In this Law —
"account adjustment date" means the date on which a participant's accounts are adjusted, which date shall be the last day of each calendar year and such other dates as may be prescribed by this Law;
"active participant" means a participant contributing to the Fund for benefits covered under this Law or regulations made hereunder;
"actuary" means a person who —
has qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland or the Societies of Actuaries in the United States of America or the Canadian Institute of Actuaries in Canada;
is a current member in good standing of one of those professional associations; and
has been appointed by the Board as the actuary for the Plan;
"Administrator" means the employee of the Board responsible for management of the Plan;
"beneficiary" means a spouse or a child;
"benefit commencement date" means the first day of the first period for which a participant or a beneficiary is entitled to receive a pension or other benefit under the Plan;
"Board" means the Public Service Pensions Board established by section 5 of the Public Service Pensions Law (2013 Revision);
"child" means a participant's child which includes —
an adopted child who was adopted in a manner recognised by law;
a posthumous child; or
a step child (where he is designated by the participant under section 25) and who is either —
under the age of 18;
under the age of 23 and in full-time education; or
mentally or physically incapable of employment, as certified by the Chief Medical Officer;
"CPI" means the consumer price index of the Islands as prepared by the Government;
"credited rate of return" means —
the rate of investment return to be credited to accounts on an account adjustment date, as determined by the Administrator on the day immediately prior to the date of commencement of this Law and at the end of each calendar year —
where an account adjustment date is the last day of a calendar year on or after the date of commencement, the credited rate of return shall be the average rate of investment return on Fund investments for that calendar year and the two preceding calendar years; and
where an account adjustment date does not fall on the last day of a calendar year, the credited rate of return shall be the credited rate of return that was applied on the previous account adjustment date prorated for the period of the year up to such account adjustment date; and
with respect to participant contributions made to the Fund under the prior law credited to a participant contribution account on the date of commencement pursuant to section 11(2), the average rate of investment return on Fund investments for the period commencing on the date the Fund was established under the prior law and ending on the day immediately prior to the date of commencement of this Law, as determined by the Administrator;
"deferred benefit" means a benefit under the Plan payable to a deferred vested participant at retirement age;
"deferred vested participant" means a former participant who is entitled to a deferred benefit under the Plan;
"defined contribution participant" means a person who participates in the defined contribution part of the Plan established in accordance with this Law;
"designated beneficiary" means the person or persons designated by the participant pursuant to section 21 to receive benefits under section 36 in the event of the participant's death;
"disability retirement" means retirement due to permanent disability pursuant to section 30;
"early retirement" means retirement pursuant to section 28 on or after attaining early retirement age but before attaining normal retirement age;
"early retirement age" means any age between ages 50 and 54 inclusive, provided that the participant has completed at least one full parliamentary term;
"final pensionable earnings" means a participant's final month's basic salary in effect at the time of his death, resignation, retirement, or permanent disability;
"full parliamentary term" means the period commencing on the date a member is sworn in as a member of the Legislative Assembly immediately after a general election and expiring at the date of the next ensuing dissolution of the Legislative Assembly;
"Fund" means the Parliamentary Pensions Fund established under section 15;
"member" means an elected member of the Legislative Assembly;
"normal retirement" means retirement pursuant to section 26 upon attaining normal retirement age;
"normal retirement age" means age 55;
"participant" means an elected member of the Legislative Assembly and the Speaker of the Legislative Assembly where such Speaker is not a member of the Legislative Assembly;
"participant contribution account" means the book-keeping account documenting total participant contributions made by a participant under the Plan plus the interest credited in accordance with rules prescribed by regulations;
"pension" means a pension payable pursuant to this Law;
"pensionable earnings" means a full calendar month's basic salary paid to the participant;
"pensionable service" means one full parliamentary term;
"permanent disability" means a disability which is likely to render a participant incapable by reason of infirmity of mind or body of discharging the duties of his office, which infirmity is certified by the Chief Medical Officer as likely to be permanent;
"Plan" means —
the scheme (which is a defined benefit scheme) set up under this Law; and
the defined contribution scheme referred to in sections 4 and 27 and established by regulations,
and which sets out the provisions of pension benefits granted to participants;
"Plan actuarial tables" means actuarial tables prescribed by regulations and used by the Administrator in the determination of the amounts of benefits payable under the Plan and in the determination of actuarially equivalent values;
"prior Law" means the Parliamentary Pensions Law (1995 Revision); and
"spouse", in relation to a person, means a person who is the legal husband or wife of a participant at the time of his death.

Defined Terms

account adjustment dateactive participantactuaryAdministratorbeneficiarybenefit commencement dateBoardchildCPIcredited rate of returndeferred benefitdeferred vested participantdefined contribution participantdesignated beneficiarydisability retirementearly retirementearly retirement agefinal pensionable earningsfull parliamentary termFundmembernormal retirementnormal retirement ageparticipantparticipant contribution accountpensionpensionable earningspensionable servicepermanent disabilityPlanPlan actuarial tablesprior Lawspouse

Cross References