(1)  The Board is to establish an account for each contributor and contributions credited to that account and any interest that is credited under subregulation (2) , less any deductions made for contributions tax in accordance with the law of the Commonwealth and provided under regulation 43 , are to vest in the contributor.

(2)  A contributor is entitled to interest on any contributions or other payments made by the contributor to the Board which have been credited to his or her account.

(3)  For the purposes of this regulation –

(a) interest is to be calculated in accordance with regulation 112 ; and

(b) the annual earning rate of the contributory scheme for each relevant financial year is to be determined by the Board on the advice of the Actuary, with unrealised capital gains and losses being brought to account as income and adjusted having regard to –

(i) the cost of administration of the contributory scheme under regulation 105 ; and

(ii) the taxation liability of the contributory scheme.