Superannuation Act 1916

Subject to this or any other Act, where the number of units of pension that, pursuant to section 12 (1), is appropriate for the salary actually being paid to a contributor on the contributor’s exit day is higher than the aggregate of—

the number of units of pension (if any) for which the contributor is contributing at that time,

the number of units of pension (if any) for which the contributor has completed contributing, and

the number of the contributor’s abandoned units (if any),

On a contributor’s exit day—

if the annual cost to the contributor for the units of pension for which contributions are payable by the contributor is not less than an amount representing 6 per cent of the annual salary of the contributor at the rate actually being paid—the additional units of pension referred to in subsection (1) are optional units of pension, and

if—

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, and

the number of additional units of pension referred to in subsection (1) is in excess of the number for which the annual cost is equal to the shortfall under subparagraph (i),

A contributor may, within 1 month after the contributor’s exit day, elect to abandon any 1 or more of the optional units of pension in respect of which, but for the election, the contributor would be required by this section to make a contribution to the Fund.

Where a person entitled to make an election under subsection (2) dies without making such an election before the expiration of the period within which, but for the contributor’s death, the contributor could have made the election, the person’s spouse or de facto partner may, before the expiration of that period, make the election.

This section does not apply to or in respect of a former contributor unless—

the former contributor or the former contributor’s spouse or de facto partner is entitled to a pension under this Act (other than a pension under section 28AA) consequent on the former contributor’s ceasing to be an employee, or

the former contributor elects to take the benefit of section 37.

(Repealed)