Document ID: chunk:federal_register_of_legislation:C1959A00102:section:66:p3
Version: federal_register_of_legislation:C1959A00102
Segment Type: section
Provision Reference: s 66 (pt 3/5)
Character Range: 300285–303058

respect of reserve units of pension;
           (iii) contributions for units of pension for which he elected to contribute under sub-section (3.) of the last preceding section; and

           (iv) contributions for units of pension for which he is required or permitted to contribute as the result of an increase in his salary on or after the fourteenth day of December, One thousand nine hundred and fifty-nine; and
       (b) the annual salary of a contributor shall be ascertained as provided by sub-section (2.) of section thirty-six of the Principal Act as amended by this Act.
(2.) Where—
       (a) a person who was a contributor on the fourteenth day of December, One thousand nine hundred and fifty-nine—
           (i) was, on that date, not less than fifty-seven years of age; or
           (ii) in the case of a contributor for or in respect of units of pension (including units of pension the obligation to contribute for which arose on that date) all of which are based on a retiring age of sixty years—was, on that date, not less than fifty-two years of age;
       (b) the rate of that person's contributions to the Fund (excluding excepted contributions) exceeds the rate of his contributions to the Fund (including contributions for reserve units of pension) as at the thirteenth day of December, One thousand nine hundred and fifty-nine; and
       (c) the fortnightly amount of his contributions to the Fund (excluding excepted contributions) exceeds one-two hundred and sixtieth of his annual salary as at the thirteenth day of December, One thousand nine hundred and fifty-nine,
the Board may, on application by the contributor not later than the thirteenth day of June, One thousand nine hundred and sixty, enter into an agreement with the contributor under this section.
(3.) An agreement under this section—
       (a) shall provide that payment of contributions (not being excepted contributions) for or in respect of units of pension (including a fraction of a unit of pension) specified in the agreement shall be deferred;
       (b) shall provide for the payment of compound interest at a rate determined by or in accordance with the agreement upon contributions the payment of which is so deferred;
       (c) shall provide that contributions the payment of which is so deferred, and the interest upon those contributions,

       or so much of those contributions and of that interest as has not previously been paid, shall become payable by the contributor within one month after he ceases to be an employee or within such further period as the Board allows;
       (d) shall provide that, if an amount so payable is not paid, the rate of any pension payable to or in respect of the contributor (not being a pension payable in respect of a