34Election for increased supplementary benefits

34 Election for increased supplementary benefits

34.1  In this section, unless the contrary intention appears:

the commencing date, in relation to an eligible member, means 1 July 1960, or the date on which he or she is enrolled as a member, whichever is the later date;

the election date, in relation to an eligible member, means the date on which he or she makes an election under this section.

34.2 An eligible member may, before 1 November 1963 or the expiration of the period of 6 months after the date on which the eligible member is enrolled as a member, whichever is the later, elect to contribute to the Fund in accordance with this section.

34.3 If an eligible member makes an election under this section, the Council is to deduct from each fortnightly payment of his or her salary falling due after the election date such amount as the actuary determines from time to time having regard to all the relevant circumstances and to actuarial principles and practice.

34.4 If, in relation to an eligible member who has made an election under this section, one or more fortnightly pay days have occurred during the period from and including the commencing date to and including the election date, the eligible member must, upon making the election, forthwith pay to the Council an amount equal to the amount determined by the actuary under subsection 34.3 multiplied by the number of those fortnightly pay days.

34.5 The Council must pay to the Fund any amounts received by it under this section.

34.6 If an eligible member who has made an election under this section:

 (a) retires after attaining 60 years of age but before 31 December in the year in which he or she attains the age of 65 years; or

 (b) resigns from the full-time service of the University and his or her resignation is accepted; or

 (c) is dismissed from the full-time service of the University,

the Council must pay to the eligible member from the Fund an amount equal to the sum of the amounts contributed by that member to the Fund under this section.

PART VI—1966 SUPPLEMENTARY SUPERANNUATION BENEFITS