final average emoluments definition

final average emoluments means the annual average of a member’s pensionable emoluments over the last 12 months of his or her continuous service, or over the whole of his or her continuous service if such service is less than 12 months;

final average emoluments means the annual average of a MEMBER'S PENSIONABLE EMOLUMENTS over the last year of his PENSIONABLE SERVICE or over the months for which CONTRIBUTIONS were paid in respect of a MEMBER if the MEMBER'S PENSIONABLE SERVICE is less than one year.

final average emoluments means for a MEMBER -

More Definitions of final average emoluments

final average emoluments means, for a Member, his highest annual pensionable emoluments in any consecutive period of twelve months of Pensionable Service over the last three years of his Pensionable Service…” [24] The employer submits and it is common cause that “Pensionable Emoluments” are defined in the fund rules to mean the lower of actual earnings and “Target Earnings”. The employer further submits that paragraph [b] of the definition of “Pensionable Emoluments” is to be ignored and has no relevance for present purposes as no such amount was at any time determined by the employer. It is the employer’s further submission that “Target Earnings” were at all times from the adoption of the expression in the fund’s rules intended to mean and were at all times used to mean, the amount a commission salesman would have earned had he been a salaried employee instead of being remunerated in part by commission and this is how the expression was defined in the Sales Plans. [25] The employer states that in 1995 a new concept was introduced into the Sales Plans: the earnings the commission salesmen would earn if all targets were met. These earnings were referred to as “On Target Earnings” and fluctuated between 20% and 30% higher than the existing concept of “Target Earnings”. The employer further states that in order to avoid confusion, the old concept of “Target Earnings” was then called “Reference Salary” or “Pensionable Salary”. The employer stresses the point that it was expressly stated in the Sales Plans that Reference Salary was the amount on which pension contributions and benefits would be calculated, in order to link it to the fund’s rules. The employer further states that the 1998 Sales Plan is the only one that it has been able to locate. In the said Sales Plan which I have had sight of, your client’s “On Target Earnings” are reflected as 120%; his “Base Salary” is reflected as 70% of “On Target Earnings” or 84% of the “Reference Salary” and his “Reference Salary” is reflected as 81,33% of “On Target Earnings”. It is also stated therein that the reference salary is used to calculate any other salary related benefits such as pension/provident fund calculations. The Sales Plans were, according the employer, supplemented by a “Territory Agreement” entered into with each individual salesman and the employer has apparently only managed to obtain an unsigned copy of the agreement entered into with your client wherein the following section appears: