20Deduction of contributions from salary

20 Deduction of contributions from salary

20 Deduction of contributions from salary

(1) From each payment of a contributor’s salary an employer shall deduct an amount sufficient to pay the contributions that the contributor is liable to make to the Fund and shall, within the prescribed time, pay the amount deducted to the Board.

(2) An amount deducted and paid to the Board under subsection (1) (whether or not it is so paid within the prescribed time) shall be deemed to have been paid to the Fund by the contributor from whose salary the deduction was made.

(3) An employer shall, if the Board so directs in a particular case, pay interest in accordance with section 58 on any amount required to be deducted by the employer under subsection (1) that is not paid to the Board within the prescribed time, and the amount of any interest paid by an employer in relation to a contributor is not chargeable by the employer against the contributor.

(4) Where a change occurs in the amount deducted from a contributor’s salary in respect of a superannuation period, the contributor’s employer shall, within the prescribed time, provide the Board in writing with the prescribed information relating to the change.

(5) The amount of any overpayment of contributions to the Fund by a contributor shall—

(a) if it exceeds the prescribed amount—be refunded by the Board to the contributor, or

(b) if it does not exceed the prescribed amount—be credited by the Board to the contributor’s account.

(6) Where contributions are paid to the Fund at a rate in excess of the rate at which the contributor has for the time being elected to contribute to the Fund, the excess shall be disregarded for the purpose of calculating the contributor’s contributed points figure under Part 5.