New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 18

18 Maximum benefits and special provisions relating to certain persons

(1) Where, but for this subsection, a person would be required or entitled to contribute to the Fund:

(b) for a lump sum benefit, excluding so much of his initial credit benefit, if any, as is a multiple of one hundred dollars, the contributions for which would exceed five per centum of the upper level of his wage group, he shall be required or entitled, as the case may be, to make contributions to the Fund for whichever of the following is the lesser:

(i) for a lump sum benefit, reduced by so much of his initial credit benefit, if any, as is a multiple of one hundred dollars, that would require contributions of five per centum of the upper level of his wage group, or

(ii) for his maximum benefit.

(2) Where a gratuity scheme officer or a Police Department appointee elects to pay and, on or before the date applicable to him under subsection (3) of section 12, there is paid to the Fund by him, or by the Board on his behalf under subsection (6) of section 51 an amount of twenty-six dollars or an amount which is a multiple of twenty-six dollars but not exceeding twenty-six dollars multiplied by the number of his completed years of service from the date of confirmation of his appointment to the date on or before which he is required to make an election under subsection (2) of section 12, that amount:

(a) shall be his initial credit, and

(b) shall not be taken into account for the purpose of calculating his contributions by reference to a percentage of the upper level of his wage group under subsection (1) or (3).

(3) A contributor, other than an employee, may, if he has completed ten years service:

(a) in the case of a contributor under section 11, at the date appointed under paragraph (b) of subsection (4) of section 13, or

(b) in the case of any other contributor, at the date on or before which he is required to make an election under subsection (2) of section 12,

elect:

(c) in the case of a contributor under section 11, on or before the date applicable to him under paragraph (b) of subsection (4) of section 13, and

(d) in the case of any other contributor, on or before the date on or before which he is required to make an election under subsection (2) of section 12,

to make contributions to the Fund for whichever of the following is the lesser:

(e) for a lump sum benefit, reduced by so much of his initial credit benefit, if any, as is a multiple of one hundred dollars, that would require contributions of ten per centum of the upper level of his wage group, or

(f) for his maximum benefit.

(4) Where a contributor referred to in subsection (3) who has made the election referred to in that subsection receives an increase in his annual wages after he makes that election and is, by reason of that increase, required or entitled to make increased contributions to the Fund, those increased contributions shall be of an amount:

(a) equal to five per centum of 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 that percentage of that difference would, together with his previous contributions, produce a lump sum benefit greater than his maximum benefit, such lesser percentage of that difference as would produce his maximum benefit.

(5) Where, but for this subsection, a person would be contributing for a lump sum benefit the contributions for which are equal to five per centum, or, in the case of a contributor referred to in subsection (3), ten per centum, of the upper level of his wage group and the lump sum benefit, reduced by so much of his initial credit benefit, if any, as is a multiple of one hundred dollars, for which he would be eligible by reason of making those contributions is not a multiple of one hundred dollars, he shall, notwithstanding any other provision of this section, contribute for a lump sum benefit that is the next multiple of one hundred dollars that is higher than the lump sum benefit to which he would be entitled by contributing five per centum or ten per centum, as the case may be, of the upper level of his wage group.