Western Australian Consolidated Acts Western Australian Consolidated Acts (1) There shall be a
Reserve Units of Pension Account (in this Division referred to as the Account
), which shall form part of the Fund and to which shall be credited all
contributions made by contributors under this Division.
(2) A contributor who
is contributing for the number of units of pension corresponding to the salary
group within which his salary falls may, from time to time, elect to
contribute, in accordance with this Division for one or more reserve units of
pension, with a maximum of 8.
(3) Contributions in
respect of a reserve unit of pension shall, subject to section 42(2), be
in accordance with the rate prescribed in the appropriate Schedule, and shall
be payable as from the date on which the contributor elects to contribute for
that reserve unit of pension.
(4) Where a
contributor who is contributing for one or more reserve units of pension
becomes eligible to contribute for one or more additional units of pension in
pursuance of the provisions of this Act, he may elect to transfer to the Fund
the contributions credited by him to the Account in respect of a number of
reserve units of pension not exceeding the number of those additional units of
pension.
(5) Where a
contributor so elects, no further contributions shall be credited to the
Account in respect of the reserve units of pension to which the election
applies and the contributions payable by the contributor in respect of the
additional units of pension equal to the number of those reserve units of
pension shall be at the same rate as the contributions credited to the Account
in respect of those reserve units of pension.
(6) Where a
contributor is contributing for one or more reserve units of pension, he may,
subject to subsection (7), elect to discontinue his contributions in
respect of any number or all of those units. In that event or if he ceases to
be an employee, there shall be paid to him or to his personal representatives,
from moneys standing to the credit of the Account, the amount of the
contributions made by him in respect of those reserve units of pension,
together with interest, compounded annually, on those contributions, at the
rate determined by the Board in respect of the period or periods concerned.
(7) A contributor who
has made an election to reduce the number of reserve units under
subsection (6) shall not again be eligible to elect to contribute for
reserve units of pension.
(8) Notwithstanding
the foregoing provisions of this section —
(a) no
further elections under subsection (2) may be made on or after
1 January 1977;
(b) a
contributor who was, on that day, contributing to the Account shall, not later
than 30 June 1977, make an election under subsection (4) or
subsection (6) or under both of those subsections, which election or
elections shall be such as to apply to all reserve units of pension for which
he was contributing; and
(c)
where a contributor fails to make an election or elections in accordance with
paragraph (b) he shall be deemed to have made an election on
30 June 1977 under subsection (6) in respect of each reserve
unit of pension for which he was so contributing.
[Section 42A inserted by No. 65 of 1947
s.12; amended by No. 134 of 1976 s.12; No. 49 of 1996 s.64.]