10AGCost of units of pension

#### 10AG Cost of units of pension 10AG Cost of units of pension > > (1) For the purposes of this Division, and notwithstanding anything contained in this or any other Act, the cost of a unit of pension is, in relation to an employee— > > > > > (a) who was a contributor at 30 June 1963 and has continued to be a contributor since that date, and— > > > > > > > (i) who, being a woman contributor, elected to contribute at the rate prescribed for retirement at the age of 55 years—$450.90, > > > > > > > (ii) who, being a woman contributor, elected to contribute at the rate prescribed for retirement at the age of 60 years—$395.54, or > > > > > > > (iii) who is a male contributor—$396.90, or > > > > > (b) who commenced or commences to contribute after 30 June 1963 and— > > > > > > > (i) who, being a woman contributor, elected to contribute at the rate prescribed for retirement at the age of 55 years—$534.40, > > > > > > > (ii) who, being a woman contributor, elected to contribute at the rate prescribed for retirement at the age of 60 years—$468.80, or > > > > > > > (iii) who is a male contributor—$499.68 in respect of each of the first 2 units, and $493.28 in respect of each subsequent unit. > > > (2) Notwithstanding subsection (1), where an employee who, being a woman, elected to contribute at the rate prescribed for retirement at the age of 55 years has attained the age of 60 years on or before her entry payment day, annual adjustment day or exit day, the cost of a unit of pension for which she commences to contribute on or after that day shall, for the purposes of this Division, be the cost applicable had she elected to contribute at the rate prescribed for retirement at the age of 60 years. > > > (3) Subject to section 17D, the Governor may, by order in writing, fix other amounts to be the cost of units of pension for the purposes of this Division. > > > (4) The amount or amounts that may be so fixed may— > > > > > (a) be in substitution for any amount or amounts set out in subsection (1) or provided for in subsection (2), > > > > > (b) be made so as to apply generally to all units of pension or to units of pension in respect of which contributions commenced before, on or after a specified date (whether those contributions are paid by or in respect of employees who were contributors before or who become contributors on or after that date), and > > > > > (c) apply differently in respect of different classes of employees. > > **s 10AG:** Ins 1976 No 101, Sch 3 (3).