32Contributions by eligible members electing to contribute

32 Contributions by eligible members electing to contribute

32.1 A member:

 (a) who is an eligible member by virtue of paragraph 28.1(c); or

 (b) who is an eligible member who elects to contribute for increased supplementary benefits under paragraph 29.1(a),

is to contribute to the Fund in accordance with subsections 32.2 and 32.3.

32.2 There is to be deducted from each fortnightly payment of salary of the member falling due after the date on which the member makes the election, or if, on that date, the member is absent from the service of the University, after the member ceases to be so absent, an amount calculated in accordance with the following formula:

 

4/13 x R x 1/26

 

32.3 For the purpose of the formula in subsection 32.2, R means the amount per annum that, in the opinion of the actuary, is required to be paid into the Fund after the date of the election to enable supplementary benefits or increased supplementary benefits for and in respect of the member to be provided from the Fund.

33 Manner of making determination for purposes of section 32

33.1  In determining the value per annum of R referred to in subsection 32.3:

 (a) the actuary is to assume:

 (i) that there will be no change in the office held by the member; and

 (ii) in the case of a member who, when he or she became a member, effected for the purposes of the Scheme, or had had accepted for those purposes, an assurance policy on his or her life that does not provide for payment of the whole of the sum assured on the maturity of the policy or on the death of the member occurring before the maturity date—that that policy does so provide; and

 (iii) in the case of a member who, when he or she became a member, elected, under subsection 10.3, that the contributions under section 12 in respect of the member should be held and accumulated by the Council—that there had been effected on the life of the member, for the purposes of the Scheme, when he or she became a member, an assurance policy providing for the payment of the whole of the sum assured on the member attaining his or her prescribed age or on the death of the member before attaining that age for such amount as would, in the opinion of the actuary, have been obtainable at an annual premium equal to those contributions; and

 (b) the actuary is to take into account any payments which are already required to be made by the Council in respect of the member.