15Increase in benefits triennially

15 Increase in benefits triennially

15 Increase in benefits triennially

(1) Once in every period of three years the Board shall by proclamation published in the Gazette notify a date, being at least three months after the date of publication of the proclamation, on or before which a contributor, who at the date he makes the election referred to in this subsection, is contributing to the Fund for a lump sum benefit which is less than the maximum benefit applicable to him at that date, may, within three months before that date, elect for a higher lump sum benefit by—

(a) nominating his maximum benefit at that date, or

(b) nominating a benefit wage factor that would produce an amount of lump sum benefit that is less than his maximum benefit at that date.

(2) An election under subsection (1) shall have effect notwithstanding any previous election made under this Act by the person making that election.

(3) Where an election has been made under subsection (1) the increased contributions to be paid to the Fund by a contributor in pursuance of that election shall be payable as on and from the first day of the pay period next following the date notified under that subsection.