28Contributions by members

28 Contributions by members

(1) A member must make contributions to the Fund at a rate specified in the following Table at the election of the member:

TABLE OF CONTRIBUTIONS

Contribution as a percentage of salary

Nil

2⋅5%

5⋅0%

7⋅5%

(2) A member can only elect to contribute at a rate equal to 7·5 percent of his or her salary if—

S. 28(2)(a) repealed by No. 110/1993 s. 132.

(b) he or she is a member of a prescribed class of members; or

(c) contributing at that rate will not make him or her eligible to an accrued retirement benefit greater than that for which he or she would be eligible by contributing at the rate of 5 percent of his or her salary for the whole of his or her period of service.

(3) For the purposes of subsection (2) service includes—

S. 28(3)(a) substituted by No. 81/1988 s. 36.

(a) service recognised by the Board before becoming a member other than the service in respect of which a deferred benefit from any other public sector superannuation scheme is payable;

(b) unpaid parental leave up to 12 months for each confinement if the member has returned for at least 12 months of paid employment after the period of unpaid parental leave.

S. 28(3A) inserted by No. 40/2004 s. 44.

(3A) An eligible salary sacrifice contributor may by notice in writing to the employing transport authority elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0⋅1% in accordance with the following formula—

"M" is the elected member contribution rate in accordance with subsection (1) without salary sacrifice;

"R" is the tax rate for the financial year on taxable contributions to the Fund under the Commonwealth Income Tax Assessment Act 1936.

S. 28(3B) inserted by No. 40/2004 s. 44.

(3B) An election under subsection (3A)—

(a) can only be made if there is in force an agreement between the employing transport authority and the member under which the employing transport authority can make the member contributions required by this Act by way of salary sacrifice;

(b) is subject to the terms and conditions specified in the agreement referred to in paragraph (a);

(c) can only be made in respect of the whole of the member contributions;

(d) can not be made in respect of any contributions made by a member in addition to the elected member contributions under subsection (1).