Document ID: chunk:federal_register_of_legislation:C2024C00825:section:24
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 24
Character Range: 101778–103519

24  Election to contribute for full pension at 60 years of age
 (1) A contributor who is less than sixty years of age may, at any time, elect to contribute at such rates based on a retiring age of sixty years as are applicable.
 (2) Subject to subsection (2A), a person is not entitled to make an election under this section after 12 February 1976.
 (2A) Where, on or after 13 February 1976 but before 30 April 1976, a person who is a contributor makes an election under this section and the election arises out of or is otherwise related to a communication made to the Board by the person before 13 February 1976, the Board (or, on or after 1 July 1976, the Commissioner for Superannuation) may direct in writing that the election shall be treated, for the purposes of subsection (2), as having been made before 13 February 1976, and the direction has effect accordingly.
 (3) Any contributor who makes an election in accordance with this section shall be entitled, upon retirement on attaining the age of sixty years, to receive full pension according to the number of units for which he was contributing at the time of his retirement.
 (4) For the purposes of this Act the maximum age for retirement of a contributor who makes an election under this section shall be sixty years.
 (5) Where a contributor who has made an election under this section does not retire upon attaining the age of sixty years, he shall not be required to make contributions after attaining that age and shall not be entitled to receive pension until retirement.
 (6) The Board shall make such adjustment of contributions as, in its opinion, is necessary by reason of the election of a contributor to contribute at rates based on a retiring age of sixty years.