South Australian Consolidated Regulations South Australian Consolidated Regulations (1) A contributor's
salary will not be taken under regulation 29 to be the highest level of
salary achieved by the contributor if the contributor has made an election
under this regulation which has not been revoked.
(a) the
highest level of salary achieved by a contributor was achieved, pursuant to a
TEC contract; and
(b) the
contributor is now receiving a reduced salary (except where the reduction is
due to a reduction in hours of employment or for disciplinary reasons),
the contributor may, by written notice to the Board, elect that
regulation 29 will not apply to him or her.
(3) An election under
subregulation (2) that has not been revoked remains in force despite the
fact that the requirements of subregulation (2)(a) or (b) are no longer
satisfied.
(4) Where an election
under subregulation (2) is in force, the contributor's salary for the
purposes of calculating benefits will be determined in accordance with the
following formula:
Where—
"S" is the salary
"S" "1" is the highest level of salary (as determined in accordance with
regulation 29) achieved by the contributor before the contributor's
election under subregulation (1) adjusted to reflect changes in the level
of remuneration under TEC contracts since the time of that election
"CM" is the number of contribution months in the contributor's contribution
period
"X" is the number of contribution months in that part of the contributor's
contribution period occurring after the election
"S" "2" is the amount that would, but for this subregulation, have been the
contributor's salary for the purpose of determining benefits.
(5) Subject to
subregulation (6), an election under subregulation (2) cannot be
revoked.
(6) An election under
subregulation (2) may be revoked by the contributor by written notice to
the Board if the value in relation to the contributor of S 2 in the formula in
subregulation (4) exceeds the value of S 1 in the formula.