New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 19

19 Payment of contributions

(1) Subject to subsection (2), contributions required to be paid to the Fund shall be deducted by employers from the salaries or wages of contributors at each payment thereof and shall be paid by employers to the Board within a period of fourteen days from the date of deduction.

(2) Subsection (1) does not apply to or in respect of contributions that, with the approval of the Board, are to be paid by the contributor directly to the Board.

(3) Where the amount of a contribution that has been deducted from the salary or wages of a contributor and paid to the Fund, or paid directly by a contributor to the Fund, exceeds the amount of the contribution that should have been paid to the Fund, the Board may refund to the contributor the amount of the excess or treat it as a payment made by the contributor under section 24 (1) (b).

(4) Where the amount of a contribution deducted from the salary or wages of a contributor and paid to the Fund, or paid by a contributor directly to the Fund, is less than the amount of the contribution required to be paid to the Fund, or where a contribution that should have been paid to the Fund is not so paid, the Board may:

(a) waive payment of the contribution to the extent that it is unpaid and reduce, to the extent that it considers appropriate having regard to the unpaid amount, the amount in respect of which the contributor would, but for that reduction, be contributing,

(b) allow an amount to be transferred from the balance at the contributor’s credit under section 24, if any, in payment or part payment of the unpaid amount and interest thereon as provided by section 53, or

(c) deduct the unpaid amount, and interest thereon as provided by section 53:

(i) where a lump sum benefit is payable-from the total benefit that would otherwise be payable, or

(ii) where a pension is payable pursuant to section 26 (7)-from the amount by reference to which the pension is calculated,

and any amount transferred or deducted under paragraph (b) or (c) (interest as provided by section 53 excepted) shall be deemed to be a contribution to the Fund made by the contributor.