18Rates of contribution

18 Rates of contribution

18 Rates of contribution

(1) Where a person is liable initially to contribute to the Fund or becomes liable to contribute to the Fund in respect of an increased amount, the amount of his initial fortnightly contribution or, as the case may be, the amount of his additional fortnightly contribution in respect of that increased amount is the amount determined in accordance with the formula—

where—

c represents the amount of the fortnightly contribution or, as the case may be, the additional fortnightly contribution, to be paid by the contributor to the Fund.

b represents the amount in respect of which or, as the case may be, the amount of the increase in respect of which, the contributor is liable to contribute.

r represents the amount specified—

(a) in the Second Column of Schedule 3, or

(b) in the Second Column of Schedule 3A,

opposite the age specified in the First Column of that Schedule that is the age next birthday of the contributor.

z is to be disregarded where the calculation to be made is a calculation relating to a contribution in respect of an increased amount but otherwise represents the amount of twelve cents.

(2) (Repealed)

(3) Where the rate at which a contributor is contributing to the Fund is reduced before he attains the age of sixty years, the amount in respect of which he is contributing at the reduced rate is the amount determined by the Board on an actuarial basis as the reduced amount in respect of which he is contributing.

(4) Where a contribution to the fund that, but for this subsection, would be payable to the Fund by a contributor includes a fraction of a cent, the contribution shall be increased to the next higher whole cent.

s 18: Am 1973 No 43, Sch 1; 1976 No 28, Sch 1 (3); 1983 No 63, Sch 1 (5).