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The pension rate consists of basic and supplementary components. The basic component is 60% of insurable earnings in the lower band over the period from 5 October 1964 (or from the 16th birthday) to the last contribution year before invalidity. There is also a one third increase for the first dependant and a one-sixth increase for each of the second and third dependants. The weekly supplementary component is 1/52 of 1.5% of the person's total insurable earnings in the upper band. Insurable earnings are earnings on which contributions and benefits are calculated. They include a lower limit known as basic insurable earnings. The total annual insurable earnings of every insured person are divided into lower and upper bands. The lower band includes insurable earnings up to the basic insurable earnings and the upper band includes insurable earnings above basic insurable earnings.
Last reviewed: 7 June 2010