New South Wales Consolidated Acts New South Wales Consolidated Acts(1) Subject to this Act, the contributions of an employee under this Part shall be made in respect of units of pension as provided by section 27 and:(a) with respect to salaries not exceeding five thousand two hundred dollars, the number of those units shall vary in relation to salary in accordance with the following scale:
Where the salary of the employee is equivalent to an annual rate The employee shall contribute the amount necessary to provide units of pension as under Exceeding But not exceeding $ $ - 324 Two units. 324 520 Three units. 520 650 Four units. 650 780 Five units. 780 960 Six units. 960 1,140 Seven units. 1,140 1,320 Eight units. 1,320 1,500 Nine units. 1,500 1,660 Ten units. 1,660 1,820 Eleven units. 1,820 1,980 Twelve units. 1,980 2,140 Thirteen units. 2,140 2,300 Fourteen units. 2,300 2,460 Fifteen units. 2,460 2,620 Sixteen units. 2,620 2,780 Seventeen units. 2,780 2,940 Eighteen units. 2,940 3,100 Nineteen units. 3,100 3,260 Twenty units. 3,260 3,420 Twenty-one units. 3,420 3,580 Twenty-two units. 3,580 3,740 Twenty-three units. 3,740 3,980 Twenty-four units. 3,980 4,220 Twenty-five units. 4,220 4,460 Twenty-six units. 4,460 4,700 Twenty-seven units. 4,700 4,940 Twenty-eight units. 4,940 5,200 Twenty-nine units. (b) with respect to salaries exceeding $5,200, the number of those units, on any particular day, shall be calculated in accordance with the following formula:
"UE" is the number of units of pension.
"S" is the annual rate of salary.
"CF" is 1 or, whichever is the greater.
"a" is the index number appearing in the Consumer Price Index (All Groups Index) for Sydney last published before that day by the Australian Statistician under the Census and Statistics Act 1905 of the Commonwealth.
"b" is:(a) the number 114.6, or(b) if, after the commencement of the amendments made to this section by the Statute Law (Miscellaneous Provisions) Act 1991 , the Australian Statistician changes the reference base for the Consumer Price Index (All Groups Index) for Sydney-a number determined by STC, on actuarial advice, to represent what that index would have been for the June quarter 1982 if the change in the reference base had applied at that date.
(2) Where the number of units of pension calculated in accordance with subsection (1) (b) includes a fraction of a unit, the number of units shall be deemed to be the next highest whole number.
(3) Any Index number published by the Australian Statistician at any time (and whether before or after the commencement of this subsection) in respect of a particular quarter in substitution for an Index number previously published in respect of that quarter is to be disregarded for the purpose of ascertaining the value of the expression “a” in the formula in subsection (1), unless the Minister gives a direction to the contrary. If the Minister gives such a direction, the later Index number is to be used in the formula whenever it is applied after the direction has been given.
(5) In this section, "Index number" and "quarter" have the same meanings as in Division 6 of Part 4.
