Election to contribute to Provident Account
81 Election to contribute to Provident Account
Any contributor to the Superannuation Fund or any employee who would, but for this section, be required to become a contributor to the Superannuation Fund, whose contributions for his first two units:
are or would be at a rate in excess of the rate prescribed for the age of forty‑five years based on a retiring age of sixty‑five years; and
exceed, or would exceed, an amount equal to five per centum of his salary;
may, within six months after the date of commencement of this section, or of the commencement of his employment, whichever is the later, elect to contribute to either the Superannuation Fund or the Provident Account.
Where a contributor to the Superannuation Fund elects in pursuance of subsection (1) to contribute to the Provident Account:
he shall, as from the date on which he so elects, make no further contributions to the Superannuation Fund and shall cease to be entitled to any pension or benefit which would otherwise be payable from the Superannuation Fund; and
the Board shall make such adjustment of contributions as, in its opinion, is necessary by reason of the election of the contributor to contribute to the Provident Account.
A person is not entitled to make an election under this section after the pay‑day last preceding 1 July 1976.
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