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There are, therefore, many individual cases in which one can argue strongly that fortieths would be more appropriate than sixtieths.
Considering sixtieths in that regard and comparing that basis with the average length of service of 20 years, there are strong arguments for improving on the present basis of sixtieths.
I used the word "sixtieths" just now.
In the calculation of compensation, additional years were added for special service, and in many cases an extra ten-sixtieths were added for each five years' service.
The purpose of that is this: that they are to be allowed to complete 40 years of service in order to get the full forty-sixtieths of their salary as pension.
The police pay out sixtieths.
If he retired after 40 years' service he would earn one-sixtieth of average annual salary for each year of service.
The difference between one-sixtieth and one-eightieth provides a gratuity on retirement, on the assumtion that a man might live 12 years after he retires.
A typical example would be to move from a one-sixtieth scheme to a one-eightieth scheme.
I was trying to make it clear, so that nobody misunderstands, that, at that time, the referral was one sixtieth.
There was a proposal that we should increase benefits for contributory service beyond 40 years to two-sixtieths for each year, instead of by one-sixtieth.
He might have retired at 60, and should have an annual addition of one-sixtieth of the salary up to 60.
However, it is my clear impression from its report that it was suggesting that one-sixtieth would give a fair pension.
The company has made contributions, assuming that it was building a pension at an accrual rate of one sixtieth.
We have a period, and that period dates back to 58½ from his sixtieth birthday, and that is the period on which we start working.
