Superannuation Act 1922

Subject to this Act, contributions by an employee shall be for units for pension.

Subject to this Act, the number of units of pension for which an employee shall contribute at any time (in this subsection referred to as the relevant time) is:

in the case of an employee to whom paragraph (b) does not apply:

if the salary of the employee at the relevant time does not exceed the prescribed amount—the number of units ascertained in accordance with the formula

if the salary of the employee at the relevant time exceeds the prescribed amount—the number of units ascertained in accordance with the formula Start formula start fraction B over 130 end fraction plus start fraction C over 163 end fraction end formula; and

in the case of an employee:

who became or becomes an employee on or after 14 December 1959;

whose salary at the relevant time exceeds $2,600; and

the number of years of whose prospective service is less than twenty;

For the purpose of the application at any time in relation to an employee of a formula contained in subsection (2):

Subject to this Act, a contributor is not eligible or required to begin to contribute for an additional unit of pension as from a date after he has attained the maximum age for retirement.

Where the obligation of a contributor to contribute for an additional unit of pension came into existence on or before the date on which he attained the maximum age for retirement but, by reason of subsection (1) of section 138, contributions for that unit are payable as from a date after he attained that age:

the last preceding subsection and subsection (2) of section 138 do not apply in relation to that unit; and

subsection (2B) of section 19 applies as if his initial contribution in respect of that unit were made on the date on which his obligation to contribute for that unit came into existence.

The number of units of pension for which an employee would otherwise be required to contribute at any time shall be reduced by the number of units of pension (if any) by which the number of units of pension ascertained in accordance with subsection (2) as it applied in relation to him immediately before that time exceeds the number of units of pension for which he was then a contributor.

Where, at the time when an employee became or becomes a contributor, he was or is not less than forty years of age, he may, subject to section 22, elect to reduce the number of initial units in respect of which he is required to contribute to a number not being less than two, but a person is not entitled to make an election under this subsection after 30 June 1976.

Any additional contribution payable by reason of an increase in the salary of an employee is payable as from the date upon which his salary is increased, or as from the date as from which his salary is increased, whichever is the later.

Any additional contribution payable by reason of an increase in the prescribed amount is payable as from the date of the increase.

Where:

the number of units of pension ascertained in relation to an employee in accordance with subsection (2) is reduced by reason of an election made by the employee under section 24; and

the sum of the number of units of pension for which he is a contributor and the number of non‑contributory units of pension (if any) applicable in relation to him exceeds the reduced number of units so ascertained;

Where an employee who became or becomes an employee on or after 14 December 1959, and to whom the proviso to section 43 applies ceases to be an employee at an earlier age than his selected retiring age:

that earlier age shall be deemed to have been his selected retiring age;

where necessary, the number of non‑contributory units of pension (if any) applicable in relation to him shall be deemed to have been reduced accordingly; and

if there are no non‑contributory units of pension applicable in relation to him, whether by reason of the operation of paragraph (b) or otherwise, the number of units of pension for which he was required to contribute shall, where necessary, be deemed to have been reduced accordingly.

For the purposes of this section:

the selected retiring age of an employee is, subject to subsection (9):

in the case of an employee who has made an election under section 24—the age of sixty years; and

in any other case—the age of sixty‑five years; and

the number of years of prospective service of an employee is the number of complete years included in the sum of the following periods:

the period that commenced on the date upon which he became an employee and ends on the date upon which he will attain his selected retiring age;

in the case of an employee who is a contributor to the Fund in accordance with Part VIA and was, immediately before he became an employee, a member of a superannuation scheme within the meaning of that Part—the period during which he was a member of that scheme;

in the case of an employee who is contributing to the Fund in accordance with Part VIIA and was, immediately before he became an employee, a contributor to a State Fund within the meaning of that Part—the period during which he was a contributor to that Fund;

in the case of an employee who became an employee after the commencement of the Superannuation Act 1971 and was, immediately before he became an employee, a contributor to a Public Service Superannuation Fund within the meaning of Part VIII—the period during which he was a contributor to that Fund; and

in the case of an employee who became an employee after the commencement of the Superannuation Act 1971 and was, at any time before he became an employee, employed in employment of a kind referred to in section 119H—any periods of such employment during which he was a member of a superannuation scheme applicable in relation to the employment.

Where by reason of subsection (8A) or paragraph (b) of subsection (9) the number of non‑contributory units of pension applicable in relation to an employee is to be deemed to have been reduced, those units shall be deemed to have been reduced in the reverse of the order in which they became applicable in relation to him as non‑contributory units of pension.