Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Notwithstanding
anything to the contrary in this Act, an employee who becomes or is a
contributor may at his option contribute for more than 2 units of pension but
so that the total number of units shall not exceed the prescribed number of
units for the salary received by the employee as shown in the scale in
section 37(1) and no election to contribute shall be made contrary to
section 37(12), (12c) or (12d) or subsection (3).
(2) Where a
contributor contributes for more than 2 units of pension and elects to reduce
the number of units of pension to any lesser number of units of pension, being
any number of units not less than 2, any contributions paid by him prior to
such reduction in respect of units in excess of the reduced number shall be
credited as contributions in respect of the reduced pension and any surplus
thereafter (if any) may, at the discretion of the Board, either be paid to the
contributor or be held in the Fund to the credit of the contributor together
with compound interest thereon at a rate per centum per annum determined by
the Board from time to time.
(3) Where a
contributor makes an election under subsection (2) after the commencement
of the 1987 Act then on and from the making of that election the number of
additional units for which the contributor may elect to contribute under
section 37(11) is reduced by the number of units to which the election
under subsection (2) applied.
[Section 38 inserted by No. 9 of 1981
s.3; amended by No. 17 of 1987 s.15; No. 8 of 1993 s.68.]