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LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 5
Optional further units
5 Optional further units
A permanent servant of a council who has not attained the age of fifty-five
years and:
(a) who before the commencement of the Local Government and Other
Authorities (Superannuation) Amendment Act 1959 has effected a policy of
insurance under section 4, may, if such policy is still subsisting, within six
months after such commencement or thereafter at such times as may be
prescribed, or
(b) who after the commencement of the Local Government and
Other Authorities (Superannuation) Amendment Act 1959 effects a policy of
insurance under section 4 may, upon effecting such policy or thereafter at
such times as may be prescribed,
effect one or more optional cover units of
insurance of two hundred dollars each, but so that the total of the compulsory
and optional cover (including in a case to which paragraph (a) applies any
optional cover effected before such commencement) so effected shall not exceed
twelve thousand dollars.
Application for such optional units shall be made in such manner as may be
prescribed.
Any permanent servant who has effected insurance through the board under
section 4 may request the board to accept any existing policy of insurance on
his life in lieu of taking out further optional units as provided in this
section.
The board may if it sees fit accept such policy provided it is satisfied that
such policy to be handed to the board for its acceptance is the equivalent of
the optional units of cover applied for, and the provisions of this section
shall thereafter apply with respect to such policy as if the permanent servant
concerned had taken out optional units as provided.
The council’s quota payable as hereinafter defined, in respect of such
policy or policies, shall not in any such case be calculated on the premium or
premiums actually payable on such policy or policies, but shall be calculated
on the rate of premium which would have been payable if a new policy were
effected for the optional units of cover applied for at the then age of such
permanent servant.
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