New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 17

17 Certain persons may opt to make reduced contributions or not to contribute

(1) In this section, "prescribed date" means, in relation to a person, the date on which that person is entitled to make an election under this section.

(2) An employee who, at the prescribed date, has attained the age of thirty years, may elect:

(a) to contribute for a lump sum benefit that is less than his ordinary minimum benefit, or

(b) not to become a contributor.

(3) A contributor, other than an employee, who, at the prescribed date, has attained the age of thirty years may elect:

(a) to contribute for a lump sum benefit which is less than his ordinary minimum benefit,

(b) where he was a contributor to the Account, not to make any contributions to the Fund, or

(c) where he was a contributor to the Railways Retirement Fund, a gratuity scheme officer who has made an election under section 12 or a Police Department appointee who has made such an election, not to make any contributions to the Fund except, in the case of a gratuity scheme officer or a Police Department appointee, contributions under subsection (2) of section 18.

(4) A contributor who after he becomes a contributor attains the age of thirty years, or who at the time he becomes a contributor has attained the age of thirty years, may elect:

(a) not to make any contributions to the Fund in respect of any increase in his annual wages received after he makes the election, or

(b) to contribute in respect of an increase in his annual wages received after he makes the election (that increase being an increase that brings his annual wages into a higher wage group) for a lump sum benefit that is less than the difference between his ordinary minimum benefit before he received that increase and his ordinary minimum benefit after he received that increase.

(5) An election under this section:

(a) shall be made:

(i) in the case of an election made by a person, other than a contributor under section 11 or a contributor referred to in subsection (4)-on or before the date on which that person becomes, or would, but for his making the election, become, a contributor,

(ii) in the case of a contributor under section 11, not being a contributor referred to in subsection (4)-on or before the date applicable to him under paragraph (b) of subsection (4) of section 13, or

(iii) in the case of a contributor referred to in subsection (4) who after he becomes a contributor attains the age of thirty years-on or before the date that is one month after the payment to him of the first increase that brings his annual wages into a higher wage group after he attains the age of thirty years,

(iv) in the case of a contributor referred to in subsection (4) who at the time he becomes a contributor has attained the age of thirty years-on or before the date that is one month after the payment to him of the first increase that brings his wages into a higher wage group after becoming a contributor,

or at any later date that is within three months before the date notified under subsection (1) of section 15, and

(b) except in the case of an election under paragraph (b) of subsection (2), paragraph (b) or (c) of subsection (3) or paragraph (a) of subsection (4), shall be made by nominating a benefit wage factor of less than two.

(6) Where a person referred to in subsection (4) makes an election under that subsection by nominating a benefit wage factor:

(a) the difference between the upper level of his wage group before he received the increase and the upper level of his wage group after he received the increase, or

(b) where he receives any subsequent increase, the difference between the upper level of his wage group before he received the increase firstmentioned in paragraph (a) and the upper level of his wage group after he received the subsequent increase,

shall be multiplied by that benefit wage factor, and the contributor shall after he received the increase or subsequent increase, as the case may be, contribute, notwithstanding any other provision of this Act (section 18 excepted), for a lump sum benefit equivalent to the sum of the product of that multiplication and the lump sum benefit for which he was contributing immediately before he received the increase first mentioned in paragraph (a).

(7) Any election made with the concurrence of the Board, before the commencement of the Transport Employees Retirement Benefits (Amendment) Act 1971 , in accordance with the provisions of this section by a contributor who attained the age of thirty years before becoming a contributor, shall be deemed to be and to have been an election made under this section.