15AUServant’s contributions

15AU Servant’s contributions

15AU Servant’s contributions

(1) A contributor—

(a) shall contribute to the Pension Fund at such rate, being an approved rate (as referred to in subsection (2) (a)), and

(b) may, if he became a contributor under section 15AO, 15AP or 15AQ, contribute to the Pension Fund at such additional rate, being an approved rate (as referred to in subsection (2) (b)),

as he specifies in an election for the time being in force under this section.

(2) For the purposes of—

(a) subsection (1) (a)—an approved rate is 2, 3, 4, 5 or 6 per centum of the contributor’s salary, and

(b) subsection (1) (b)—an approved rate is 1, 2 or 3 per centum of the contributor’s salary.

(3) A servant who elects or applies to come under the provisions of this Part may furnish to the board with that election or application, or within such period thereafter as is acceptable to the board, an election, in a form approved by the board, specifying the rate (including, where relevant, any additional rate) at which he desires to commence contributing to the Pension Fund.

(4) A servant (other than a servant who elects or applies to come under the provisions of this Part) who is not a contributor may furnish to the board an election, in a form approved by the board, specifying the rate at which he desires to commence contributing to the Pension Fund as on and from the date on which, by virtue of the operation of section 15AN (3), he becomes a contributor, but such an election shall be deemed not to have been furnished to the board if it does not take effect within one year after it has been received by the board.

(5) A servant who does not furnish an election in accordance with subsection (3) or (4) shall be deemed to have elected thereunder to contribute to the Pension Fund at the rate of 2 per centum of his salary.

(6) A servant’s election under subsection (3) or (4) that has taken effect remains in force until an election made by him under subsection (7) takes effect.

(7) A contributor may, between 1 April and 31 December (both inclusive) in any year, furnish to the board an election, in a form approved by the board, specifying the rate (including, where relevant, any additional rate) at which he desires to contribute to the Pension Fund as on and from 1 April in the next year.