Rate of retirement pension

(1) Subject to the provisions of these Regulations, the weekly rate of retirement pension payable to an insured person if not less than five hundred contributions have been paid in respect of or credited to such person shall be thirty per cent of the average weekly insurable earnings supplemented by an amount equal to Social Security 75 (a) two per cent of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of the first five hundred up to a total of seven hundred and fifty such contributions; and (b) one per cent of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of seven hundred and fifty. (2) For the purposes of this Regulation, the expression “average weekly insurable earnings” means the sum of the weekly insurable earnings in respect of which contributions were paid or credited during the best three years of contribution in the last fifteen contribution years of the insured person or such lesser number of contribution years since the appointed day, as the case may be, divided by one hundred and fifty. (3) The expression “the best three years of contribution” in paragraph (2) means the three years in which contributions were paid in respect of the highest total amount of insurable earnings. (4) The weekly amount of retirement pension– (a) shall not be less than forty–seven dollars; (b) subject to subparagraph (a) above, shall not exceed a rate of sixty percent of the average weekly insurable earnings of the insured Transitional Provisions for Retirement Pension