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Papua New Guinea (Staffing Assistance) (Superannuation) Regulations 1973
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Papua New Guinea (Staffing Assistance) (Superannuation) Regulations 1973
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Turn the raw legal text into a practical explanation grounded in Papua New Guinea (Staffing Assistance) (Superannuation) Regulations 1973.
(1) Where a contributor who is contributing for one or more reserve units of pension becomes eligible or is required to contribute for one or more additional units of pension in pursuance of these Regulations, he may elect to convert to units of pension a number of reserve units of pension not exceeding the number of those additional units of pension. (2) Where a contributor so elects, no further contributions shall be paid in respect of the reserve units of pension to which the election applies, and the contributions payable by the contributor in respect of so many of the additional units of pension as is equal to the number of those reserve units of pension shall be at the same rate as the contributions paid in respect of those reserve units of pension. (3) An election under subregulation (1) does not have any effect in relation to a reserve unit if it purports to be made in respect of a non‑contributory unit.