SCHEDULE 1 CALCULATION OF N AND M
PART II BENEFIT PAYMENTS
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1
The benefit payments to be taken into account in calculating or estimating N and M shall be determined in accordance with this Part.
2
“Benefit payments" means any benefit payments under the Contributions and Benefits Act except amounts to be disregarded by virtue of Schedule 2.
3
The amount of any benefit payment to be taken into account shall be determined by reference to the rate of that benefit applicable at the effective date.