New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 14

14 Variation of benefits

(1) In this section:
"contributor" includes an employee who ceased to be a contributor on his attainment of the age of sixty-five years.
"review date" means, in relation to a contributor, a date determined by the Board for the purpose of calculating the lump sum benefit applicable in relation to the annual wages of the contributor at that date.

(2) Except as provided by this section and by sections 15 and 16, the lump sum benefit for which a contributor is contributing shall not be varied.

(3) Subject to subsection (4), where the annual wages of a contributor are increased so that the amount thereof falls within a wage group that is higher than the wage group within which the amount thereof fell immediately before the increase he shall, not earlier than the review date that next follows the increase, contribute as provided by subsection (6):

(a) in the case of a contributor who is contributing for his ordinary minimum benefit-for the ordinary minimum benefit appropriate for his higher wage group,

(b) in the case of a contributor who is contributing for his maximum benefit-for the maximum benefit appropriate for his higher wage group, or

(c) in the case of a contributor who had nominated a benefit wage factor-for the lesser of:

(i) the maximum benefit appropriate for his higher wage group, and

(ii) a lump sum benefit calculated by applying to the upper level of the wage group in which his increased salary falls the benefit wage factor last nominated by him before that review date and by deducting from the resulting amount so much of his initial credit benefit, if any, as is a multiple of one hundred dollars.

(4) Where a lump sum benefit becomes payable in respect of a contributor, subsection (3) applies as if the date on which the lump sum benefit became payable were a review date for the contributor.

(5) For the purposes of subsection (4), a reference in subsection (3) to an increase of annual wages includes a reference to such an increase paid after a lump sum benefit became payable under this Act if the increase took effect on and from a day that is earlier than, and is in respect of, a period that includes the date on which the lump sum benefit became payable.

(6) The increased contributions to be paid to the Fund by a contributor contributing for an increased lump sum benefit pursuant to this section shall be payable:

(a) where the review date for the contributor is not determined as provided by subsection (4)-on and from the first day of the pay period next following a date determined by the Board in relation to the contributor for the purposes of this section, or

(b) where the review date for the contributor is determined as provided by subsection (4)-on and from the first day of the pay period next following the date with effect from which the annual wages of the contributor were increased.