Section 16 - State Public Service Superannuation Act 1985 - Amount of contributions

16Amount of contributions

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16 Amount of contributions

(1) Until varied as provided by this section, the contribution payable to the Fund by a contributor in respect of a superannuation period is the amount calculated in accordance with the formula—

where—

C represents the amount to be ascertained,

R represents the rate per cent of salary at which the contributor elected under section 12 to contribute to the Fund,

E represents the contributor’s attributed salary specified in the certificate given under section 12 (2) (d) in relation to the contributor, and

S represents the contributor’s salary ratio as at the contributor’s entry date calculated on the basis of the information in the certificate provided under section 12 (2) (d) in relation to the contributor.

(2) A contributor may, within the prescribed time after a review date (other than a review date that occurs less than 3 months after the contributor’s first contribution date), lodge with the Board an election to vary the rate per cent of the contributor’s salary to be paid to the Fund.

(3) An election under subsection (2)—

(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 the adjustment date that next succeeds that review date.

(4) The contribution payable to the Fund by a contributor on and from each adjustment date commencing with the adjustment date that next succeeds the first review date that is not less than 3 months later than the contributor’s first contribution date is the amount calculated in accordance with the formula—

where—

C represents the amount to be ascertained,

R represents the rate per cent of salary at which the contributor has for the time being elected to contribute to the Fund,

A represents the contributor’s attributed salary as at the review date that last preceded the adjustment date in relation to which the calculation is made, and