Employee over 55 years may contribute after election to preserve benefit after salary reduction
2C Employee over 55 years may contribute after election to preserve benefit after salary reduction
Despite section 2A, an employee who has elected under Part 2 of Schedule 5 to make provision for a preserved benefit before the commencement of this section, or who so elects after the commencement of this section, is entitled to elect to contribute to the Fund.
Despite section 2A, an employee who has elected under Division 3B of Part 4 of the Superannuation Act 1916 to defer or preserve a benefit before the commencement of this section, or who so elects after the commencement of this section, is entitled to elect to contribute to the Fund.
The election to contribute to the Fund must be made when the employee elects to make provision for a preserved benefit or to defer or preserve a benefit.
Despite subsection (3), an employee who elected to make provision for a preserved benefit or to defer or preserve a benefit before the commencement of that subsection may elect to contribute to the Fund at any time within 3 months after the commencement of that subsection.
This Act’s bill:Explanatory memorandum
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