Employees paid in sterling
144 Employees paid in sterling
Where the salary of an employee is fixed and payable in sterling this Act shall be read as if, for the purposes of calculating:
the number of units of pension in respect of which the employee shall contribute;
the contributions payable under this Act by that employee;
any pension or amount becoming payable under this Act to or in respect of that employee; and
any payment for which the Commonwealth becomes liable under this Act in respect of that employee;
any reference to any amount of salary, contribution or payment, or to any other amount, were a reference to the amount in sterling that corresponds with that amount.
For the purposes of subsection (1), the amount in sterling that corresponds to an amount referred to in this Act shall be calculated on the basis that One pound sterling is the equivalent of $2.
Where payments made to or from the Fund, the Provident Account or the Reserve Units of Pension Account exceed or are less than the amount of the payment which would, but for this section, have been so made, there shall be payable to the Commonwealth from the Fund, the Provident Account or the Reserve Units of Pension Account, as the case may be, the amount by which its receipts exceed those it would have received but for this section, and the Commonwealth shall recoup the Fund, the Provident Account or the Reserve Units of Pension Account, as the case may be, the amount of any loss sustained by reason of this section.
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