12Contributions

12 Contributions

12.1 Subject to this Part, a member must contribute an amount equal to 5% of the annual salary that was payable (or is regarded by section 13 as having been payable) to the member on the University pay day last preceding the last preceding anniversary of his or her birth.

12.2 Subject to this Part, the University must contribute annually a sum equal to 10% of the annual salary that was payable (or is regarded by section 13 as having been payable) to the member on the University pay day last preceding the last preceding anniversary of his or her birth.

12.3 The Council may, with the consent of a member, determine by resolution that, with effect from a date specified in the resolution, not being the University pay day immediately preceding an anniversary of the birth of the member and not being a date earlier than the date of the resolution, contributions payable under subsections 12.1 and 12.2 are to be at rates ascertained by reference to the annual salary payable at that date to the employee, being rates that are higher than the rates at which, but for this subsection, those contributions would be payable.

12.4 If the Council makes a resolution under subsection 12.3, contributions are payable under subsections 12.1 and 12.2 accordingly with effect from the University pay day next following the date specified in the resolution, and contributions are, subject to this Statute, to be payable by and in respect of the member at the rate so specified, unless sooner altered by a further resolution under subsection 12.3 or in accordance with section 13, until the pay day last preceding the next succeeding anniversary of the birth of the member.

12.5 If, in accordance with this section or section 13, the contributions in respect of a member are increased or reduced, the sum or sums assured under the policy or policies must be appropriately adjusted.

12.6 Contributions under this section must be paid until the member ceases to be in the service of the University or reaches the age of 65 years, whichever first occurs.

12.7 The contributions under this section must, except as otherwise provided in this Statute, be applied by the Council in payment of the yearly premium on the policy.

12.8 The University may deduct from payments of salary to the member the amounts necessary to meet the member's contributions under this section.

12.9 The Council may pay a premium upon the policy in anticipation of contributions by the member or the University, or in default of contributions by the member.