CONTRIBUTORY PENS IONS VALIDATION ACT 2 0 0 0

BERMUDA

2000 : 19

CONTRIBUTORY PENS IONS VALIDATION ACT 2 0 0 0

[Da te of As s en t 2 6 J u n e 2 0 0 0 ]

[Op er a tive Da te 2 6 J u n e 2 0 0 0 ]

WHE RE AS it is exp ed ien t to a m en d th e Con tr ib u tor y Pen s ion s Act 1 9 7 0 a n d to va lid a te th e b a s is on wh ich cer ta in a n n u a l r a tes of b en efit h a ve b een ca lcu la ted u n d er th a t Act; Be it en a cted b y Th e Qu een 's Mos t E xcellen t Ma jes ty, b y a n d with th e a d vice a n d con s en t of th e Sen a te a n d th e Hou s e of As s em b ly of Ber m u d a , a n d b y th e a u th or ity of th e s a m e, a s follows :

Sh o rt t it le

1 Th is Act m a y b e cited a s th e Con tr ib u tor y Pen s ion s Va lid a tion Act 2 0 0 0 .

Validat io n o f m e t h o d o f c alc ulat in g an n ual rat e o f be n e fit

2 (1 ) Section 2 1 (3 ) of th e Con tr ib u tor y Pen s ion s Act 1 9 7 0 (com p u ta tion of a n n u a l r a te of b en efit) s h a ll b e d eem ed to h a ve b een en a cted a s follows — "(3 ) In com p u tin g th e a n n u a l r a te of b en efit, th e week ly r a te of b en efit s h a ll b e d ivid ed b y s even a n d th e r es u lt m u ltip lied b y th r ee h u n d r ed a n d s ixty-five."

CONTRIBUTORY PENS IONS VALIDATION ACT 2 0 0 0

(2 ) For th e a void a n ce of d ou b t, a n y p a ym en t of b en efit m a d e u n d er th e 1 9 7 0 Act b efor e th e en a ctm en t of th is Act, p u r s u a n t to a ca lcu la tion of th e a n n u a l r a te of b en efit u s in g th e m eth od in s ection 2 1 (3 ) of th e 1 9 7 0 Act a s s et ou t in s u b s ection (1 ) a b ove, s h a ll b e d eem ed to h a ve b een va lid ly m a d e.