S. 28(1) substituted by No. 40/2004 s. 32.
(1) A revised scheme member must make contributions to the Fund determined in accordance with the following Table:
|
TABLE OF CONTRIBUTIONS | |
|
|
Contributions as a |
|
15 years to 29 years |
8·0% |
|
30 years to 39 years |
8·5% |
|
40 years to 49 years |
9·0% |
|
50 years or older |
9·5% |
S. 28(1A) inserted by No. 40/2004 s. 32.
(1A) An eligible salary sacrifice contributor may by notice in writing to the employing authority elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0·1% in accordance with the following formula—
where—
" M " is the applicable member contribution rate in accordance with subsection (1) without salary sacrifice;
" R " is the tax rate for the financial year on taxable contributions to the Fund under the Commonwealth Income Tax Assessment Act 1936 .
S. 28(1B) inserted by No. 40/2004 s. 32.
(1B) An election under subsection (1A)—
(a) can only be made if there is in force an agreement between the employing authority and the member under which the employing authority can make the member contributions required by this Act by way of salary sacrifice;
(b) is subject to the terms and conditions specified in the agreement referred to in paragraph (a);
(c) can only be made in respect of the whole of the member contributions;
(d) can not be made in respect of any contributions made by a member in addition to the member contributions required under subsection (1).
S. 28(1C) inserted by No. 40/2004 s. 32.
(1C) Member contributions made in accordance with the rate determined under subsection (1A) are for the purposes of this Act (other than sections 71C to 71E) to be taken to be—
(a) the member contributions required to be paid under this Act; and
(b) the member contributions that would have been payable if an election had not been made under subsection (1A).
Note to s. 28(1C)(b) inserted by No. 37/2007 s. 29.
Note
The effect of paragraph (b) is that, for the purpose of calculating benefit entitlements, the member contributions are taken to be the member contributions that would have been payable if no election had been made.
S. 28(1D) inserted by No. 40/2004 s. 32.
(1D) An election under subsection (1A) does not affect the amount that would otherwise constitute the salary of the revised scheme member for the purposes of this Act.
S. 28(2) amended by No. 72/1990 s. 7(2).
(2) If a revised scheme member or a person to whom section 61(1) applies was entitled to contribute for optional units under the Superannuation Act 1958 he or she may—
(a) continue to pay or, with the approval of the Board after considering medical evidence, at any time elect to pay additional contributions fixed by the Board on the advice of an actuary appointed by the Board at regular periods; or
(b) within 1 month of retirement due to age elect to contribute an amount considered appropriate by the Board—
to entitle him or her to an additional pension equal to the pension that he or she would have been entitled if he or she had contributed for all his or her optional units.
S. 28(2A) inserted by No. 49/1992 s. 10(1).
(2A) Subsection (2) applies to any revised scheme member entitled to contribute for optional units under the Superannuation Act 1958 who elected to transfer to the Transport Superannuation Fund under section 4 of the Transport Superannuation Act 1988 .
S. 28(3) amended by No. 81/1988 s. 27(f).
(3) If a revised scheme member was not contributing for all of his or her optional units as at l February 1975 or was holding fully paid up units under the Superannuation Act 1958 the Board may determine that his or her contributions to the Fund are to be based on a reduced amount of salary.
(4) If the Board recognises any service or further service for a revised scheme member after 30 June 1988, the Board may on the advice of an actuary appointed by the Board fix an additional contribution to be made by the revised scheme member.
S. 28(5) amended by No. 40/2010 s. 74(1).
(5) If a revised scheme member attains the age of 75 years no further contributions are to be made.
S. 28(6) inserted by No. 49/1992 s. 10(2), repealed by No.
4/1996
s. 108(2),
new s. 28(6) inserted by No. 40/2010 s. 74(2).
(6) Despite subsection (5), a revised scheme member may make contributions after he or she attains the age of 75 years if he or she is permitted to do so under Commonwealth superannuation law.
