7
In forceElection to preserve benefit
Schedule 5Special provisions for deferring the benefits of certain contributors
Part 2Deferral of benefit for contributors aged 55 years and over in certain circumstances
7 Election to preserve benefit
(1)
A contributor to whom this Part applies may elect to make provision for a benefit under section 43.
(2)
An employee may make only one election under this clause but the election may relate to any single reduction in attributed salary of 20% or more that occurs after the employee reaches 55 years of age (not just the first reduction that occurs).
This Act’s bill:Explanatory memorandum
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