Section 12 - Superannuation Act 1916 - Contributions to be related to units of pension

12Contributions to be related to units of pension

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12 Contributions to be related to units of pension

s 12, hdg: Rep 1976 No 101, Sch 3 (6) (b).

(1) Subject to this Act, the contributions of an employee under this Part shall be made in respect of units of pension as provided by section 27 and—

(a) with respect to salaries not exceeding five thousand two hundred dollars, the number of those units shall vary in relation to salary in accordance with the following scale—

| Where the salary of the employee is equivalent to an annual rate | The employee shall contribute the amount necessary to provide units of pension as under | | Exceeding | But not exceeding | | $ | $ | | — | 324 | Two units. | | 324 | 520 | Three units. | | 520 | 650 | Four units. | | 650 | 780 | Five units. | | 780 | 960 | Six units. | | 960 | 1,140 | Seven units. | | 1,140 | 1,320 | Eight units. | | 1,320 | 1,500 | Nine units. | | 1,500 | 1,660 | Ten units. | | 1,660 | 1,820 | Eleven units. | | 1,820 | 1,980 | Twelve units. | | 1,980 | 2,140 | Thirteen units. | | 2,140 | 2,300 | Fourteen units. | | 2,300 | 2,460 | Fifteen units. | | 2,460 | 2,620 | Sixteen units. | | 2,620 | 2,780 | Seventeen units. | | 2,780 | 2,940 | Eighteen units. | | 2,940 | 3,100 | Nineteen units. | | 3,100 | 3,260 | Twenty units. | | 3,260 | 3,420 | Twenty-one units. | | 3,420 | 3,580 | Twenty-two units. | | 3,580 | 3,740 | Twenty-three units. | | 3,740 | 3,980 | Twenty-four units. | | 3,980 | 4,220 | Twenty-five units. | | 4,220 | 4,460 | Twenty-six units. | | 4,460 | 4,700 | Twenty-seven units. | | 4,700 | 4,940 | Twenty-eight units. | | 4,940 | 5,200 | Twenty-nine units. |

(b) with respect to salaries exceeding $5,200, the number of those units, on any particular day, shall be calculated in accordance with the following formula—

where—

UE is the number of units of pension.

S is the annual rate of salary.

CF is 1 or , whichever is the greater.

a is the index number appearing in the Consumer Price Index (All Groups Index) for Sydney last published before that day by the Australian Statistician under the Census and Statistics Act 1905 of the Commonwealth.

b is—

(a) the number 114.6, or