PART 5Retirement benefits for teachers
CHAPTER 8Short-service annuity for post-benefit service
Annual rate of short-service annuity122.
The annual rate of a short-service annuity is the actuarial equivalent of the sum of—
(a)
all of the member’s standard contributions, faster accrual contributions (if any) and additional pension contributions (if any) in respect of a period of post-benefit service paid up to the date of receipt of the application under regulation 159; and
(b)
interest to the date of payment at 3% per year, compounded with yearly rests on those contributions from the first day of the financial year following that in which they were paid.