New South Wales Consolidated Acts

STATE AUTHORITIES SUPERANNUATION ACT 1987 - SECT 27

27 Variations of contribution rate

(1) A contributor may, during the period that commences at the beginning of a superannuation year and ends on the next succeeding 31 December or such later date as STC may approve, lodge with STC an election to vary the rate specified under section 19 (2) (b).

(2) An election under subsection (1):

(a) shall be in a form approved by STC for the purposes of this section,

(b) is to specify the varied rate per cent (being 1, 2, 3, 4, 5, 6, 7, 8 or 9 per cent) of contributions to be credited to the contributor’s account (or, in the case of salary sacrifice contributions, retained in that account as provided by section 19B), and

(c) takes effect on 1 April next succeeding receipt of the election in the office of STC.

(3) Where the nature of the employment of a contributor changes from full-time to part-time or from part-time to full-time, or the amount of time worked part-time by a contributor changes, the amount of contributions payable under this Part in respect of the contribution period during which the change operates, and each succeeding contribution period until varied in accordance with this Act, is the amount calculated by multiplying by the contributor’s salary ratio at the commencement of the period the amount of the contribution that would be payable on the basis of the contributor’s attributed salary last applicable for the purpose of calculating contributions payable under this Part.

(4) Except as provided by subsection (3) or to the extent that STC upon the application of a contributor otherwise directs, a reduction in the salary of the contributor below that upon which his or her contributions are based does not, until the beginning of the superannuation year that next succeeds the reduction, affect the amount of contributions payable under this Part.

(5) Except in the case of a contributor who applies for a direction of STC under subsection (4), where a contributor’s attributed salary is reduced as a consequence of the contributor’s ill-health or in circumstances considered by the contributor to be special, the contributor may apply to STC in a form that:

(a) is approved by STC for the purposes of this subsection, and

(b) is accompanied by such evidence of the cause of the reduction in salary as STC requires,

for the application of subsection (6) in respect of the contributor.

(6) Where STC approves an application by a contributor under subsection (5), the attributed salary of the contributor shall, for the purposes of this Act, be deemed to be the same as the contributor’s attributed salary immediately before the reduction until:

(a) the beginning of the superannuation year that next succeeds a 31 December as at which the contributor’s attributed salary is equal to or greater than his or her attributed salary immediately before the reduction, or

(b) STC’s approval is revoked on the application of the contributor,

whichever first occurs.

(7) Subject to section 28, an election that takes effect under this section remains in force until a further election made under this section takes effect.