Existing contributors contributing in excess of 5% of salary
185 Existing contributors contributing in excess of 5% of salary
Where the amount of the previous contribution (including contribution for reserve units) of an existing contributor is in excess of the amount of the initial basic contribution of the contributor, the contributor shall, subject to subsection (2), pay to CSC on the first contribution day a supplementary contribution of an amount equal to the excess, and pay to CSC on each succeeding contribution day on which the amount of the previous contribution (including contribution for reserve units) exceeds the amount of the basic contribution required to be made by the contributor on that succeeding contribution day an amount equal to the amount of that excess.
An existing contributor referred to in subsection (1) may, by notice in writing to CSC, elect that, as from the contribution day next following the date of the election, subsection (1) shall cease to apply in relation to him or her.
An existing contributor to whom subsection 185(4) of this Act applied on 30 June 1995 may continue to pay supplementary contributions at the percentage rate at which he or she was entitled to pay supplementary contributions on that day.
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