Western Australian Consolidated Acts Western Australian Consolidated Acts (1) An employee who,
when he becomes a contributor, is less than 60 years of age may, within
6 months after he becomes a contributor, elect to contribute at such
rates specified in the Third or Fourth Schedule as are applicable.
Provided that this
subsection shall not in any circumstances apply to a contributor who, when he
becomes a contributor, is of an age which will prevent him completing an
aggregate period of 7 years’ service under the State before attaining
the age of retirement for which he desires to contribute.
(2) Any employee, who,
although entitled to do so, has not in accordance with subsection (1)
made the election provided for in such subsection and any employee who is of
an age which will permit him to complete an aggregate period of
7 years’ service under the State before attaining the age for
retirement for which he desires to contribute and who at the commencement of
this Act was an employee and was not less than 60 years of age when he
became a contributor may at any time after the period prescribed in
subsection (1) elect to contribute for a full pension upon retirement at
the age of 60 years or at any later age up to and including the age of
64 years, but in such case the amount of further or higher contribution
payable by him shall be assessed in the manner prescribed in the second
proviso to section 40:
Provided that an
employee shall not in any case be entitled to elect to contribute for
retirement at an age earlier than that which he will attain after the date
when he makes his election.
(3) The rates of
contribution to be paid by employees electing under subsection (2) to
contribute for full pension upon retirement at the ages of 61, 62, 63 and
64 years, respectively, shall be determined by the Board.
(3a) Where a
contributor has made an election to contribute for a pension upon retirement
at an age earlier than 65 years, the Board may, upon application by the
contributor, permit him to elect to contribute for a full pension upon
retirement at a later age up to 65 years and in such case his
contributions shall be adjusted accordingly and any excess in contributions
arising as a consequence of the election of the contributor to retire at a
later age 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.
(4) Where a
contributor in accordance with subsection (1), elects to contribute at
rates specified in the Third or Fourth Schedule, the rates at which he shall
contribute shall, where he has elected under section 37(6) to contribute
for units at the rates prescribed for the age of 30 years, be, in respect
of those units, the rate prescribed in the Third or Fourth Schedule for the
age of 30 years and, in respect of other units, shall be at the rate in
those Schedules which is appropriate to his age at the date when he elects
under this section.
(5) Any contributor
who makes an election in accordance with this section shall be entitled upon
retirement on attaining the age of retirement in respect of which he has
elected to contribute and has contributed to receive full pension according to
the number of units for which he was contributing at the time of his
retirement.
(6) For the purposes
of this Act the maximum age for retirement of a contributor who makes an
election under this section shall be 60 years, or the later age for which
he elects under and in accordance with subsection (2), as the case may
require.
(7) Subject as
hereinafter provided, where a contributor who has made an election under this
section to contribute for full pension upon retirement at the age of
60 years, or at a later age less than 65 years, does not retire upon
attaining the age of retirement for which he has contributed as aforesaid, he
shall not be required to make contributions after he has attained the age of
retirement for which he has contributed as aforesaid, and he shall not be
entitled to receive pension until his retirement. Provided that if such
contributor has elected to make contributions in respect of units of pension
at the rates prescribed for the age of 30 years in accordance with
section 37(6)(a), then, notwithstanding anything to the contrary
contained in this subsection or elsewhere in this Act, such contributor shall
be liable to make and shall make his contributions in respect of the said
units of pension at the prescribed rate for a period of 5 years from the
date when he commenced to make contributions in respect of such units of
pension or until he retires when he retires before the completion of such
period of 5 years, and shall not be entitled to receive pension until
after his retirement.
[Section 41 8 amended by No. 43 of 1939
s.10; No. 65 of 1947 s.11; No. 61 of 1960 s.3; No. 134 of 1976
s.10; No. 9 of 1981 s.4; No. 8 of 1993 s.69.]