41Salary sacrifice

41 Salary sacrifice

S. 41(1) amended by No. 83/2008 s. 16(1).

(1) A member may by notice in writing elect to make member contributions by way of salary sacrifice.

S. 41(2) substituted by No. 83/2008 s. 16(2).

(2) An election under subsection (1) can only be made in respect of a member's future parliamentary salary.

(3) The notice under subsection (1) must—

S. 41(3)(a) substituted by No. 83/2008 s. 16(3).

(a) specify an amount of his or her parliamentary salary, which must not exceed 50% of that salary, which is to be used to make member contributions;

(b) be accompanied by evidence that the chosen fund or default fund will—

(i) accept contributions under this section; and

(ii) comply with any requirements which are prescribed for the purposes of this section.

(4) The administrator of the chosen fund or default fund may reject a request under this section if the administrator considers that the fund will not be able to comply with any requirements which are prescribed for the purposes of this section.

(5) The notice under subsection (1) must be given to the administering authority.

S. 41(6) amended by No. 83/2008 s. 16(1).

(6) The member may vary a notice he or she has given under subsection (1) by notice in writing and given to the administering authority.

(7) The notice of variation must specify a date from which the variation is to take effect, being the date on which the notice is given or a later date.

S. 41(8) substituted by No. 83/2008 s. 16(4).

(8) The member may revoke a notice he or she has given under subsection (1) by notice in writing given to the administering authority.

(9) The notice of revocation must specify a date from which the revocation is to take effect, being the date on which the notice of revocation is given or a later date.

(10) An election under this section does not affect the entitlement of a member to make additional superannuation contributions from his or her post tax salary.

S. 41(11) inserted by No. 83/2008 s. 16(5).

(11) An election made by a member under this section as in force before the commencement of section 16 of the Salaries Legislation Amendment (Salary Sacrifice) Act 2008 is deemed to have and always to have had full effect according to its tenor as if it had been made under this section as amended by that section 16.

S. 42 inserted by No. 78/2004 s. 7.