State Authorities Superannuation Act 1987

Despite section 27 (1), STC may, if it is satisfied that a continuation of contributions under this Part in respect of a contributor would result in financial hardship for the contributor, accept at any time an election under that subsection to reduce, as from a date determined by STC having regard to the circumstances of the contributor, the rate of contributions to be credited to the contributor’s account (or, in the case of salary sacrifice contributions, retained in that account as provided by section 19B) under this Part.

Despite section 27 (1), an election referred to in subsection (1) may specify as the varied rate the rate of 0 per cent.

During a period when a rate of 0 per cent is in force, no contributions are payable under this Part.

After an election referred to in subsection (1) is accepted by STC, STC must refund any resulting excess of contributions paid to the Fund under this Part to the person who paid them, after the date determined by STC for commencement of the new rate.

STC’s acceptance of an election for a rate of 0 per cent is to be given only for a limited period or periods.