New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 15

15 Variation of benefits and contributions

(1) In this section:
"contributor" means a contributor who has not attained the age of sixty years at his election date.
"election date" means, in relation to a contributor, a date determined by the Board for the purposes of subsection (2).
"review date" means, in relation to a contributor, a date determined by order of the Board for the purpose of calculating the benefit applicable in relation to the annual wages of the contributor at that date.

(2) Subject to subsection (7), a contributor may, on a date determined by the Board for the purposes of this subsection in relation to the contributor or within three months thereafter, elect:

(a) to contribute in respect of an increased amount not exceeding the maximum benefit for the contributor at the review date, or

(b) to reduce his rate of contribution to the Fund, but not so that he is contributing in respect of an amount that is less than his minimum benefit at the review date,

and, except as provided in subsections (3) and (4), the amount in respect of which a contributor is contributing shall not be varied unless it is varied pursuant to such an election.

(2A) Where an election is made by a contributor for the purposes of subsection (2) (a) or (b) in any year, the election shall be treated as relating to the review date for the contributor for that year, whether or not that review date is specified in the election.

(3) Except pursuant to an election under subsection (2) (b), where the annual wages of a contributor are reduced, his rate of contribution to the Fund shall not be reduced unless the Board, on the application of the contributor, so approves and, where such an application is approved, the reduced contributions shall be paid on and from a day determined by the Board.

(4) Where, at a review date for a contributor, the amount in respect of which he is contributing is less than the minimum benefit for the contributor at that date, he shall pay to the Fund such increased contributions as are required to be made in respect of an amount equal to that minimum benefit.

(5) Where, as a result of an election under subsection (2) (b) or an application under subsection (3), a contributor’s rate of contribution to the Fund is reduced:

(a) a refund of any amount by which a past contribution to the Fund exceeded the reduced rate shall not be made,

(b) the amounts by which any of his past contributions to the Fund exceeded the reduced rate shall, subject to section 17, be taken into account when calculating any benefit to which he is entitled.

(6) Where a contributor makes an election under subsection (2) or his rate of contribution to the Fund is increased under subsection (4), his contributions to the Fund at the varied rate shall be paid on and from a day determined by the Board that is not earlier than the election date nor more than three months after that date.

(7) A contributor who is aged fifty years or more at his election date may not elect under subsection (2) (a) to increase the amount in respect of which he is contributing to the Fund to an amount greater than the amount ascertained in accordance with the formula:

"a" represents the contributor’s annual wages at his next preceding review date within the meaning of this section.
"b" represents the sum of the amount in respect of which the contributor was contributing immediately before the election and the amount of his initial credit benefit if any.
"c" represents the contributor’s annual wages at his review date that next preceded the review date referred to in the definition of the symbol "a".