Section 7 - Public Authorities Superannuation (Transport Retirement Fund Closure) (Savings and Transitional) Regulation 1986 - Contribution rates

7Contribution rates

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7 Contribution rates

(1) A transferred contributor shall, subject to this clause, contribute to the Fund at the rate at which he or she would, but for clause 5 (2) (a), have continued to contribute under the Transport Retirement Scheme and shall so contribute to the Fund notwithstanding that the rate of contribution is not 2, 3, 4, 5, 6, 7, 8 or 9 per cent of the contributor’s salary.

(2) A transferred contributor who does not, before 31 December 1986, or by such later date as the Board may approve, make an election in respect of the period of 12 months commencing on 1 April 1987 under section 15 of the Act (variations of contribution rate) shall be deemed to have made such an election specifying, in accordance with subsection (2) (b) of that section, a percentage rate, being the whole number percentage not less than 2 per cent, that is the nearest to the contribution percentage determined in accordance with clause 9 (3) in respect of the contributor.

(3) Sections 14, 15 and 16 of the earlier Act shall be deemed not to have applied in relation to any contributions or benefits that, but for clause 5, would have been payable on or after the commencement day.