10AHEmployees who have reached the prescribed age

10AH Employees who have reached the prescribed age

10AH Employees who have reached the prescribed age

(1) Subject to sections 10AF and 10AI, where an employee who has reached the prescribed age on or before the employee’s entry payment day or annual adjustment day, as the case may require, is required or elects to commence contributing for a unit of pension, the employee shall, subject to this section, contribute the cost of the unit by 65 four-weekly instalments, each such instalment being equal to an amount determined by STC, being an amount that is, or is not less by more than a fraction of a cent than, one sixty-fifth of that cost.

(2) Where an employee referred to in subsection (1) ceases to be employed by the employer prior to completion of payment of instalments pursuant to subsection (1), the following provisions apply—

(a) where the employee retires after reaching the maturity age, the total amount of contributions unpaid as at the date of retirement shall be paid within one month after the date upon which the employee ceases to be so employed, or within such further period as STC may, in special circumstances, allow,

(b) where the employee is retired in accordance with section 22, or elects to retire under section 21 (1B), or is retrenched before reaching the maturity age, the total amount of contributions unpaid as at the last day of the contribution period preceding that in which the employee ceases to be employed shall be paid within one month after the date upon which the employee ceases to be so employed, or within such further period as STC may, in special circumstances, allow,

(c) where the employee dies and is survived by a spouse or de facto partner, the spouse or de facto partner, if a pension is payable to the spouse or de facto partner in accordance with section 30, shall within 3 months after the death of the employee, or within such further period as STC may, in special circumstances, allow, pay the total amount of contributions unpaid as at the date of the employee’s death.

(3) Where the total amount of contributions required to be paid by subsection (2) (a), (b) or (c) is not paid within the time prescribed, or within such further period as STC may, in special circumstances, allow, the employee or the spouse or de facto partner of the employee, as the case may be, shall be refunded the amount of the instalments paid pursuant to subsection (1).

(4) Where a refund is payable under subsection (3), no person has any rights in the Fund in respect of the unit or units of pension to which the refund relates, but nothing in this subsection affects the operation of Division 2A of Part 4 in relation to any such unit.