15AReserve units

#### 15A Reserve units 15A Reserve units > **s 15A, hdg:** Ins 1948 No 9, sec 4 (1) (h). Rep 1976 No 101, Sch 3 (12) (a). > > > (1) There shall be a reserve units of pension account (in this section referred to as the reserve account) which shall form part of the fund and into which shall be paid all contributions made by contributors under this section. > > > (1A) (Repealed) > > > (2) A contributor who is contributing for not less than the number of units of pension corresponding to the salary-group within which the contributor’s salary falls may, by notice in writing to STC in the form prescribed, elect to contribute for reserve units of pension (hereinafter referred to as reserve units) in accordance with the provisions of this section. > > > (2A) An election under subsection (2) may only be made by a contributor within 2 months after the contributor’s entry review day or the contributor’s annual review day in any half-year. > > > (3) The number of reserve units for which a contributor shall be entitled to contribute shall not exceed eight. > > > (4) Contributions in respect of a reserve unit— > > > > > (a) shall take effect— > > > > > > > (i) where the election is made within 2 months after the contributor’s entry review day—as from the contributor’s entry payment day, or > > > > > > > (ii) where the election is made within 2 months after the contributor’s annual review day in any half-year—as from the contributor’s annual adjustment day in that half-year, and > > > > > (b) shall be made as if the reserve unit were a contributory unit, contributions for which are payable as from that entry payment day or annual adjustment day, as the case may be. > > > (5) > > > > > (a) Where a contributor who has— > > > > > > > (i) contributed for at least ten years for any reserve units, or contributed for at least one year for any reserve units and has attained the age of fifty years, becomes eligible to or is required to contribute for one or more additional units of pension in pursuance of the provisions of this Act, > > > > > > > (ii) (Repealed) > > > > > > the contributor may elect by notice in writing to STC in the form prescribed to appropriate to the contribution account the contributions paid by the contributor to the reserve account in respect of a number of reserve units not exceeding the number of those additional units of pension. > > > > > (b) Where a contributor so elects, no further contributions shall be paid into the reserve account in respect of the reserve units to which the election applies and the contributions payable by the contributor in respect of so many of the additional units of pension as is equal to the number of those reserve units shall be at the same rate as the contributions paid into the reserve account in respect of those reserve units. > > > (6) A contributor who, on 1 January 1992, is contributing for any reserve units may, by notice in writing lodged with STC within 60 days after that date, elect to discontinue paying contributions in respect of those units. > > > (6AA) STC must pay to a contributor who, in accordance with subsection (6), elects to discontinue the payment of contributions for reserve units the amount paid in respect of those units, together with any interest payable under subsection (6AD). > > > (6AB) If a contributor who is contributing for reserve units ceases to be an employee, STC must pay to the contributor or, as the case may be, to the contributor’s personal representatives the amount of the contributor’s contributions paid in respect of those units, together with any interest payable under subsection (6AD). > > > (6AC) In subsection (6AB), the reference to personal representatives includes a reference to a person referred to in section 88A (2). > > > (6AD) A contributor is entitled to interest on contributions for reserve units paid for by the contributor, compounded annually, at the rate fixed by STC in accordance with section 86A and payable from the respective dates of payment. > > > (6AE) Payments under subsections (6AA) and (6AB) are to be made from the appropriate reserve. > > > (6A) For the purposes of subsections (6)–(6AE), a reference to the specified rate is— > > > > > (a) if the rate relates to a period before the commencement of Schedule 2 (4) to the Superannuation (Amendment) Act 1988—6.5 per cent per annum or, where the Minister by order published in the Gazette had specified some other rate for the purposes of subsection (6) (c) (as in force before that commencement), that other rate, or > > > > > (b) if the rate relates to a period after that commencement—such rate as STC has fixed from time to time under section 86A for the purposes of this section. > > > (7) A contributor who has made an election under subsection (6) in respect of any reserve unit or units shall not again be eligible to elect to contribute for any reserve unit or units. > > > (7A) A contributor who has made an election under subsection (5) may elect to contribute for reserve units but so that the number of reserve units for which the contributor becomes a contributor by virtue of the operation of this subsection, together with the reserve units, if any, for which the contributor was contributing immediately before the election under this subsection and any reserve units which may already have been appropriated by the contributor under subsection (5) shall not exceed eight. > > > (8) (Repealed) > > **s 15A:** Ins 1948 No 9, sec 4 (1) (h). Am 1951 No 53, sec 6 (1) (e); 1952 No 43, sec 2 (1); 1955 No 6, sec 8 (1) (b); 1960 No 36, sec 8 (1) (g); 1963 No 3, sec 8 (1) (b); 1965 No 37, sec 2 (1); 1972 No 66, sec 4 (h); 1975 No 98, Sch 4; 1976 No 101, Schs 3 (12) (b) (c), 4; 1988 No 133, Sch 2 (4); 1991 No 95, Sch 10 (4); 1993 No 42, Sch 4; 1996 No 39, Sch 4.