15Variation of benefits and contributions

15 Variation of benefits and contributions

15 Variation of benefits and contributions

(1) In this section—

contributor means a contributor who has not attained the age of sixty years at his election date.

election date means, in relation to a contributor, a date determined by the Board for the purposes of subsection (2).

review date means, in relation to a contributor, a date determined by order of the Board for the purpose of calculating the benefit applicable in relation to the annual wages of the contributor at that date.

(2) Subject to subsection (7), a contributor may, on a date determined by the Board for the purposes of this subsection in relation to the contributor or within three months thereafter, elect—

(a) to contribute in respect of an increased amount not exceeding the maximum benefit for the contributor at the review date, or

(b) to reduce his rate of contribution to the Fund, but not so that he is contributing in respect of an amount that is less than his minimum benefit at the review date,

and, except as provided in subsections (3) and (4), the amount in respect of which a contributor is contributing shall not be varied unless it is varied pursuant to such an election.

(2A) Where an election is made by a contributor for the purposes of subsection (2) (a) or (b) in any year, the election shall be treated as relating to the review date for the contributor for that year, whether or not that review date is specified in the election.

(3) Except pursuant to an election under subsection (2) (b), where the annual wages of a contributor are reduced, his rate of contribution to the Fund shall not be reduced unless the Board, on the application of the contributor, so approves and, where such an application is approved, the reduced contributions shall be paid on and from a day determined by the Board.

(4) Where, at a review date for a contributor, the amount in respect of which he is contributing is less than the minimum benefit for the contributor at that date, he shall pay to the Fund such increased contributions as are required to be made in respect of an amount equal to that minimum benefit.

(5) Where, as a result of an election under subsection (2) (b) or an application under subsection (3), a contributor’s rate of contribution to the Fund is reduced—

(a) a refund of any amount by which a past contribution to the Fund exceeded the reduced rate shall not be made,