New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 24

24 Contributor may make additional contributions

(1) A contributor may:

(a) authorise his employer to deduct from his salary or wages and pay to the Fund any amount in excess of the contributions payable by him under this Act and may at any time cancel the authorisation,

(b) pay directly to the Fund any amount additional to those contributions.

(2) Payments made under subsection (1):

(a) form part of the Fund,

(b) shall bear interest as provided by section 53,

(c) shall not be withdrawn prior to a benefit becoming payable to or in respect of the contributor under this Act,

(d) may, on application by the contributor and subject to the approval of the Board, be employed in payment of any arrears of contributions payable by the contributor under this Act.

(3) Where a contributor ceases for any reason to be employed by an employer, any amount standing to his credit in accordance with this section:

(a) may be withdrawn by the contributor on a benefit becoming payable to him under this Act,

(b) where section 26 (6) or 27 applies to the contributor, may be the subject of an election under section 26 (6) or 27, as the case may be, as if it were an addition to the amount upon which the calculation of the pension is based, or

(c) where section 28 applies in respect of the contributor, may be paid as an addition to a benefit payable under that section in respect of the contributor.