Document ID: chunk:federal_register_of_legislation:C2024C00825:section:22b:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 22B (pt 1/2)
Character Range: 70893–73386

22B  Election by certain contributors to convert existing units to non‑contributory units
 (1) Subject to this Act, an employee who has attained the age of forty years, but has not attained the age of sixty‑five years, before the date of commencement of this section and is a contributor at that date may, before the expiration of the prescribed period, if he is still an employee, elect that such number of units of pension as is specified in the election, being units of pension for which he was a contributor immediately before that date and at the date of the election and the obligation to contribute for which came into existence on or after the date on which he attained the age of forty years, are to be applicable in relation to him as non‑contributory units of pension.
 (2) An election by an employee under subsection (1):
 (a) shall, if it is made after the date of commencement of this section, be deemed, for the purposes of this Division, to have taken effect on that date; and
 (b) shall be taken to relate to units of pension in the reverse of the order in which he became liable to contribute for those units.
 (3) An election under this section by an employee other than an employee to whom subsection (2BB) of section 19 applies does not have effect, and shall be deemed not to have had effect, in relation to a unit of pension unless, if the election had had effect on the day immediately before the date of commencement of this section, the fortnightly amount of the contributions (other than contributions for reserve units of pension) that, but for the operation of the election in relation to that unit, would have been payable by him to the Fund on that day or, if that day was not a pay‑day, that would have been so payable if that day had been a pay‑day, exceeds three‑one thousand and fortieths of his salary as at that day.
 (4) An election under this section by an employee to whom subsection (2BB) of section 19 applies does not have effect, and shall be deemed not to have had effect, in relation to a unit of pension unless, if the election had had effect on the day immediately before the date of commencement of this section, the sum of:
 (a) the fortnightly amount of the contributions (other than contributions for reserve units of pension) that, but for this section, would have been payable by him to the Fund under subsection (2BB) or subsection (2BC) of section 19 on that day or, if that day was not a pay‑day, that would have been so payable if that