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Act 12, 1989 (XII) – Act anent Funding of Pensions and Calculation of Equal Dividend (amending Act XIII, 1977). 24th May 1989

1.The General Assembly in order to help meet the additional cost of funding the pension obligations adjust Act XIII, 1977 to the extent that the level of 75% of the National Average Wage as a standard Equal Dividend be reduced to 72% and that this 72% of National Average Wage be adhered to as far as possible but subject to adjustment should the Sustentation and Finance Committees be so compelled by severe financial considerations.

2.The General Assembly approve the recommendation that in each of the years 1990 and 1991 the increase in stipend be restricted to 2% below the rate of increase in the National Average Wage, thus giving a stipend in 1991 of 72% of the National Average Wage, provided it has been possible to adhere to that standard otherwise.