Accrual of Benefits

(1) The Supervisor shall not register a pension plan or amendment to the pension plan where– (a) the pension plan does not provide for the accrual of pension benefits, with the exception of ancillary benefits, in a gradual and uniform manner; or (b) the formula for computation of the employer’s contributions to the pension fund or, in the case of a defined benefit pension plan, the pension benefits provided under the pension plan, are variable at the discretion of the employer or the administrator. 28 (2) Notwithstanding sub-section (1), the Supervisor shall register a pension plan or amendment in respect of additional voluntary contributions except where not required.