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39. The rate of contribution of the plan applicable from 1 January following the receipt by the Minister of the report of the independent actuary accompanying the actuarial valuation provided for in the first paragraph of section 174 of the Act and those that apply respectively on 1 January of the 2 subsequent years are obtained by performing the following operations:

(1) calculating the difference between the rate of contribution resulting from the actuarial valuation, established with an exemption of 35% of the maximum pensionable earnings, and the last rate of contribution applicable under the plan, established with the exemption of 35%;

(2) increasing or decreasing, as the case may be, for the first year, the last rate of contribution, established with the exemption of 35%, by one-third of that difference and, for each of the 2 subsequent years, the rate of contribution of the previous year increased or decreased by one-third of that difference;

(3) determining, from the rates thus obtained pursuant to subparagraph 2, the rates of contribution applicable for each of the 3 years, taking into account the percentage of exemption applicable to the maximum pensionable earnings of the year concerned as provided for in Schedule II.1.1 to the Act.

Despite the first paragraph, the rates of contribution respectively applicable from 1 January 2012 and 2013 are obtained by performing the following operations:

(1) for 2012, increasing the rate of contribution applicable in 2011, established with an exemption of 35% of the maximum pensionable earnings, by 0.50% and, for 2013, the rate thus obtained by 0.50%;

(2) determining, from the rates obtained pursuant to subparagraph 1, the rates of contribution applicable for each of the 2 years, taking into account the percentage of exemption applicable to the maximum pensionable earnings of the year concerned as provided for in Schedule II.1.1 to the Act.

For the purposes of this section, where a rate of contribution is established with a percentage of exemption of the maximum pensionable earnings and a second rate of contribution is established with a different percentage of exemption, the last rate must generate an aggregate of the contributions calculated for the year concerned equivalent to the aggregate of the contributions calculated with the other rate.

The applicable rate of contribution and the factor used each year in the formula provided for in Schedule II.1.1 to the Act, used to determine the amount withheld annually by employers, are referred to in Schedule IV.4.