Contributions to be related to units of pension
12 Contributions to be related to units of pension
(1) Subject to this Act, the contributions of an employee under this Part shall be made in respect of units of pension as provided by section 27 and—
(a) with respect to salaries not exceeding five thousand two hundred dollars, the number of those units shall vary in relation to salary in accordance with the following scale—
| Where the salary of the employee is equivalent to an annual rate | The employee shall contribute the amount necessary to provide units of pension as under | |
| Exceeding | But not exceeding | |
| $ | $ | |
| — | 324 | Two units. |
| 324 | 520 | Three units. |
| 520 | 650 | Four units. |
| 650 | 780 | Five units. |
| 780 | 960 | Six units. |
| 960 | 1,140 | Seven units. |
| 1,140 | 1,320 | Eight units. |
| 1,320 | 1,500 | Nine units. |
| 1,500 | 1,660 | Ten units. |
| 1,660 | 1,820 | Eleven units. |
| 1,820 | 1,980 | Twelve units. |
| 1,980 | 2,140 | Thirteen units. |
| 2,140 | 2,300 | Fourteen units. |
| 2,300 | 2,460 | Fifteen units. |
| 2,460 | 2,620 | Sixteen units. |
| 2,620 | 2,780 | Seventeen units. |
| 2,780 | 2,940 | Eighteen units. |
| 2,940 | 3,100 | Nineteen units. |
| 3,100 | 3,260 | Twenty units. |
| 3,260 | 3,420 | Twenty-one units. |
| 3,420 | 3,580 | Twenty-two units. |
| 3,580 | 3,740 | Twenty-three units. |
| 3,740 | 3,980 | Twenty-four units. |
| 3,980 | 4,220 | Twenty-five units. |
| 4,220 | 4,460 | Twenty-six units. |
| 4,460 | 4,700 | Twenty-seven units. |
| 4,700 | 4,940 | Twenty-eight units. |
| 4,940 | 5,200 | Twenty-nine units. |
(b) with respect to salaries exceeding $5,200, the number of those units, on any particular day, shall be calculated in accordance with the following formula—
where—
UE is the number of units of pension.
S is the annual rate of salary.
CF is 1 or
, whichever is the greater.
a is the index number appearing in the Consumer Price Index (All Groups Index) for Sydney last published before that day by the Australian Statistician under the Census and Statistics Act 1905 of the Commonwealth.
b is—
(a) the number 114.6, or
(b) if, after the commencement of the amendments made to this section by the Statute Law (Miscellaneous Provisions) Act 1991, the Australian Statistician changes the reference base for the Consumer Price Index (All Groups Index) for Sydney—a number determined by STC, on actuarial advice, to represent what that index would have been for the June quarter 1982 if the change in the reference base had applied at that date.
(2) Where the number of units of pension calculated in accordance with subsection (1) (b) includes a fraction of a unit, the number of units shall be deemed to be the next highest whole number.(3) Any Index number published by the Australian Statistician at any time (and whether before or after the commencement of this subsection) in respect of a particular quarter in substitution for an Index number previously published in respect of that quarter is to be disregarded for the purpose of ascertaining the value of the expression “a” in the formula in subsection (1), unless the Minister gives a direction to the contrary. If the Minister gives such a direction, the later Index number is to be used in the formula whenever it is applied after the direction has been given.(4) (Repealed)(5) In this section, Index number and quarter have the same meanings as in Division 6 of Part 4.(6)–(12) (Repealed)
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