15Variations of contribution rate

15 Variations of contribution rate

15 Variations of contribution rate

(1) A contributor may, during the period that commences at the beginning of a superannuation year and ends on the next succeeding 31 December or such later date as the Board may approve, lodge with the Board an election to vary the rate per cent of the contributor’s salary to be paid to the Fund.

(2) An election under subsection (1)—

(a) shall be in a form approved by the Board for the purposes of this section,

(b) shall specify the varied rate per cent (being 2, 3, 4, 5, 6, 7, 8 or 9 per cent) of the contributor’s salary to be paid to the Fund, and

(c) takes effect on 1 April next succeeding receipt of the election in the office of the Board.

(3) Where the nature of the employment of a contributor changes from full-time to part-time or from part-time to full-time, or the amount of time worked part-time by a contributor changes, the amount of the contributor’s contribution to the Fund in respect of the first complete month during which the change operates, and each succeeding month until varied in accordance with this Act, is the amount calculated by multiplying by the contributor’s salary ratio at the commencement of the month the amount of the contribution that would be payable on the basis of the contributor’s attributed salary last applicable for the purpose of calculating contributions to the Fund.

(4) Except as provided by subsection (3) or to the extent that the Board upon the application of a contributor otherwise directs, a reduction in the salary of the contributor below that upon which his or her contributions are based does not, until the beginning of the superannuation year that next succeeds the reduction, affect the amount of the contribution that the contributor is required to pay to the Fund.

(5) Except in the case of a contributor who applies for a direction of the Board under subsection (4), where a contributor’s attributed salary is reduced as a consequence of the contributor’s ill-health or in circumstances considered by the contributor to be special, the contributor may apply to the Board in a form that—

(a) is approved by the Board for the purposes of this subsection, and

(b) is accompanied by such evidence of the cause of the reduction in salary as the Board requires,

for the application of subsection (6) to the contributor.