Audit under section 47 of Act

(1) The Board shall require the Manager to produce the accounts and Balance Sheet to the Auditor appointed under section 47 of the Act on or before the fifteenth day of April following the close of the financial year to which they relate: Act. Provided that in the case of an extension under paragraph (4) of Regulation 13 the Board may extend the said date by a period not exceeding thirty days (2) The Manager shall submit to the Auditor all accounts required for the purpose of the audit and any other document, information or explanation which the Auditor may require for the purpose. 224 Social Security (3) Subject to section 47(2) of the Act, the Auditor’s report on the annual accounts shall be submitted to the Board in such form as it may specify and, in case the Auditor has called for any information or required an explanation from any officer of the Board in accordance with this Regulation, whether such information or explanation has been satisfactorily furnished to him. (4) The Auditor shall submit to the Board a separate statement, if necessary in regard to– (a) any material impropriety or irregularity which he may observe in the expenditure or in the recovery of moneys due to the Fund or in the accounts of the Board; or (b) any loss or waste of money or other property owned by or vested in the Board which has been caused by neglect or misconduct. (5) The Board shall forthwith require the Manager to remedy any defect or irregularity pointed out by the Auditor and shall determine responsibility therefor and report to the Minister on the action taken thereon. FIRST SCHEDULE [Regulation 20] TABLE 1 DISABLEMENT AND DEATH BENEFITS Factors for calculating the actuarial present values applicable to disablement pension and to pensions to widows, widowers and parents only. Factor (x weekly rate of benefit) Social Security 225 Age Attained Males Females 20 or less 1033 1070 21 1027 1065 22 1021 1060 23 1015 1055 24 1008 1050 25 1001 1045 26 994 1039 27 987 1033 28 980 1028 29 972 1021 30 964 1015 226 Social Security Age attained Males Females 31 955 1008 32 947 1001 33 938 994 34 929 987 35 919 979 36 909 972 37 899 963 38 888 955 39 877 946 40 866 937 41 855 928 42 843 918 43 830 908 44 818 898 45 805 887 46 792 877 47 778 865 48 765 854 49 751 842 Social Security 227 Age attained Males Females 50 737 829 51 723 817 52 708 803 53 693 790 54 678 776 55 663 762 56 648 747 57 632 732 58 616 716 59 600 700 60 583 684 61 566 668 62 550 651 63 533 634 64 516 616 65 499 599 66 482 581 67 465 562 68 446 544 228 Social Security Age attained Males Females 69 432 525 70 416 506 71 400 487 72 384 468 73 369 449 74 354 431 75 339 413 76 324 395 77 310 378 78 295 361 79 282 345 80 266 329 81 256 313 82 244 298 83 233 283 84 222 268 85 211 253 86 201 239 87 191 225 Social Security 229 Age attained Males Females 88 182 212 89 173 196 90 163 185 91 154 172 92 144 158 93 134 145 94 123 131 95 111 116 96 96 99 97 78 80 98 55 56 99 23 23 230 Social Security TABLE 2 39 of 2002. DEATH BENEFIT Factors for calculating the actuarial present values applicable to pensions to children Factor by which weekly Age attained rate of benefits is to be during year multiplied 0 697.0 1 681.6 2 665.6 3 646.7 4 626.9 5 599.5 6 571.0 7 541.3 8 510.5 9 478.3 10 444.9 11 410.1 12 373.9 13 336.2 14 297.0 Social Security 231 Factor by which weekly Age attained rate of benefits is to be during year multiplied 15 256.1 16 213.6 17 169.4 18 123.4 19 75.5 20 25.7 232 Social Security SECOND SCHEDULE1 [REGULATION 20] The examples and notes in this Schedule are intended to illustrate and act as a guide for ascertaining the actuarial present values of periodical payments in respect of Disablement Pensions and Death Benefits. EXAMPLES OF CALCULATION Example 1 Disablement Pension MALE Assumptions Age attained during the year: 30 Weekly Pension: 40 Calculation: (Table 1) multiplying factor at age: 30 (Males Table 1) by weekly pension, that is 964 x $40 = $38,560 (a) (amount transferred to Disablement and Death Benefits Reserve) Example 2 Disablement Pension FEMALE Assumptions Age attained during the year: 28 Weekly Pension: $35 Calculation (Table 1) 979 x $35 = $34,265 (a) Example 3 Death Benefit WIDOW (Table) Assumptions Age attained: 52 Weekly Pension: 28 1 This Schedule was inserted by S.I. 39 of 2002 Social Security 233 Calculation: 803 x $28 = $22,484 (a) Example 4 Death Benefit CHILD Assumptions Age attained: 5 Weekly Pension: $16 Calculations (Table 2) 595.5 X $16 = $9, 528 (a)