New South Wales Consolidated Acts

SUPERANNUATION ACT 1916 - SECT 10Q

10Q Increase of contributions: annual review days

(1) Subject to this or any other Act, where the number of units of pension that, pursuant to section 12 (1), is appropriate for the salary actually being paid to a contributor (including a contributor referred to in section 10O) on the contributor’s annual review day in any half-year is higher than the aggregate of:

(a) the number of units of pension (if any) for which the contributor is contributing at that time,

(b) the number of units of pension (if any) for which the contributor has completed contributing, and

(c) the number of the contributor’s abandoned units (if any),

the contributor shall, as on and from the contributor’s annual adjustment day in that half-year, contribute to the Fund in respect of the additional number of units of pension in accordance with this Act.

(1A) On a contributor’s annual review day in any half-year:

(a) if the annual cost to the contributor for the units of pension for which contributions are payable by the contributor is not less than an amount representing 6 per cent of the annual salary of the contributor at the rate actually being paid-the additional units of pension referred to in subsection (1) are optional units of pension, and

(b) if:

(i) the annual cost to the contributor for the units of pension for which contributions are payable by the contributor is less than an amount representing 6 per cent of the annual salary of the contributor at the rate actually being paid, and

(ii) the number of additional units of pension referred to in subsection (1) is in excess of the number for which the annual cost to the contributor is equal to the shortfall under subparagraph (i),

the excess additional units of pension are optional units of pension.

(2) A contributor may, within 2 months after the contributor’s annual review day in any half-year, elect to abandon any 1 or more of the optional units of pension in respect of which, but for the election, the contributor, would be required by this section to commence contributing to the Fund.

(3) Where a contributor entitled to make an election under subsection (2) dies without making such an election before the expiration of the period within which, but for the contributor’s death, the contributor could have made the election, the contributor’s spouse or de facto partner may, before the expiration of that period, make the election.