New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 22

22 Election following increase in wages between review date and age of sixty years

(1) In this section "contributor" includes a person who ceased to be a contributor on his retirement.

(2) Notwithstanding section 14, where a contributor is aged sixty years or more and, between his review date (within the meaning of section 15) that next preceded his attainment of that age and the day on which he attained that age, the amount of his annual wages was increased to an amount greater than the multiple of one hundred dollars next higher than the amount of his wages immediately before the increase he shall contribute in respect of the additional amount referred to in subsection (3), unless he makes an election:

(a) to contribute in respect of a lesser additional amount, or

(b) not to contribute in respect of an additional amount.

(3) The additional amount in respect of which a contributor shall contribute under subsection (2), if he does not make an election under that subsection, is such an amount that:

(a) the fraction obtained by dividing the total amount in respect of which he has elected to contribute by his annual wages on his attainment of the age of sixty years:

does not exceed:

(b) the fraction obtained by dividing the amount in respect of which he was contributing immediately before his attainment of the age of sixty years by his annual wages at the review date referred to in that subsection.

(4) For the purposes of this section, the annual wages of a contributor on his attainment of the age of sixty years include any increase in his annual wages paid after he attains that age if:

(a) the increase is effective from a day that was earlier than the day on which he attained that age, and

(b) was payable in respect of a period that included the day on which he attained that age.

(5) An election under this section shall be made:

(a) where the increase in annual wages is paid on or before the attainment by the contributor of the age of sixty years-within three months after his attainment of that age, or

(b) where the increase in annual wages is paid after the attainment by the contributor of that age-within three months after the day on which the increase is paid.

(6) Where a person’s rate of contribution to the Fund is varied under this section, whether or not pursuant to an election made under this section, the variation shall be made from a date determined by the Board.