13Contributions by certain persons aged sixty years or more at time of making election

13 Contributions by certain persons aged sixty years or more at time of making election

13 Contributions by certain persons aged sixty years or more at time of making election

Where a person aged sixty years or more makes an election under section 12—

(a) he shall contribute to the Fund for the pension benefit referred to in section 26 (7) as if he were contributing for a lump sum benefit and shall, not withstanding section 18, so contribute at such rate and over such period as is determined by the Board,

(b) he shall, if he becomes entitled to a benefit from the Fund before he has paid the total amount of contributions that, in the opinion of the Board is the total amount of contributions necessary to provide the benefit for which he is contributing when he becomes so entitled, pay such contributions to the Fund, additional to those already paid by him, as are actuarially determined by the Board as being necessary to provide that benefit or make arrangements satisfactory to the Board for their payment, and

(c) subject to compliance with paragraph (b), he is entitled to have taken into account in calculating the benefit to which he is entitled under section 26 (7) or to which any other person is entitled under section 28 an allowance of an amount equal to an amount of interest as provided by section 53 on the amount in respect of which he is contributing for the period that commenced on the day on which he attained the age of sixty years and ended on the day on which he retired or sooner died.

s 13: Am 1973 No 43, sec 2 (a), Sch 1.