Abandoned units to be taken up if contributions fall below 6 per cent of salary
10QA Abandoned units to be taken up if contributions fall below 6 per cent of salary
On a contributor’s annual review day, if the contributor has abandoned units and the annual cost to the contributor for the units of pension for which contributions are payable by the contributor is less than an amount representing 6 per cent of the annual salary of the contributor at the rate actually being paid—
where there are no additional units of pension as referred to in section 10Q (1), the contributor shall take up the lesser of all of the abandoned units and the number of abandoned units for which the annual cost is equal to the shortfall, or
where there are additional units of pension as so referred to but the annual cost to the contributor for the additional units is less than the shortfall, the contributor shall take up the lesser of all of the abandoned units and the number of abandoned units for which the annual cost is equal to the balance of the shortfall.
Where, under this section, a contributor is required to take up an abandoned unit which the contributor had on the contributor’s annual review day in any half-year—
the contributor shall commence to contribute for the unit as from the contributor’s annual adjustment day in that half-year, and
the unit ceases to be an abandoned unit as from the annual adjustment day.
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