Western Australian Consolidated Acts

SUPERANNUATION AND FAMILY BENEFITS ACT 1938 - SECT 40

40 .         Contributions according to scale graduated by age at commencement

                The amount of contribution which shall be paid by a contributor shall, except where otherwise provided in this Act, be based upon — 

            (a)         the number of units or half units of pension in respect of which the employee contributes;

            (b)         sex; and

            (c)         the age at which the employee commences to contribute for each unit or half unit,

                and shall be in accordance with the tables of contributions prescribed by or under this Act.

                Provided that where an employee elects to become a qualified contributor as provided for in section 34 the amount of contribution which shall be paid by such qualified contributor shall be in accordance with a table to be prescribed by the regulations.

                Provided also, that in those cases in which the retiring age is amended from 65 years to an age between 60 years and 65 years, as provided for in section 41(2), the amount of contribution which shall be paid by the contributor shall be based upon the equivalent, determined actuarially, of the amount necessary to pay the higher rate of contribution consequent upon the amendment of the retiring age as aforesaid, together with interest at the rate of 4 % per annum compounded annually on the amounts of the increase in the contributions as from the dates when such contributions were due respectively.

        [Section 40 ⁸ amended by No. 43 of 1939 s.9; No. 65 of 1947 s.10; No. 39 of 1950 s.8; No. 106 of 1965 s.6.]