Document ID: chunk:federal_register_of_legislation:C2024C00825:section:20:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 20 (pt 1/4)
Character Range: 53413–55904

20  Units of pension
 (1) Subject to this Act, contributions by an employee shall be for units for pension.
 (2) Subject to this Act, the number of units of pension for which an employee shall contribute at any time (in this subsection referred to as the relevant time) is:
 (a) in the case of an employee to whom paragraph (b) does not apply:

 (i) if the salary of the employee at the relevant time does not exceed the prescribed amount—the number of units ascertained in accordance with the formula

  ; or

 (ii) if the salary of the employee at the relevant time exceeds the prescribed amount—the number of units ascertained in accordance with the formula ; and

 (b) in the case of an employee:
 (i) who became or becomes an employee on or after 14 December 1959;
 (ii) whose salary at the relevant time exceeds $2,600; and
 (iii) the number of years of whose prospective service is less than twenty;
  the number of units, disregarding any fraction of a unit, ascertained in accordance with the formula

 (3) For the purpose of the application at any time in relation to an employee of a formula contained in subsection (2):
A is the number of dollars in the salary of the employee at that time or, if the number of dollars in the salary of the employee at that time is not a multiple of one hundred and thirty, the next lower number that is such a multiple.
B is the number of dollars in the prescribed amount.
C is the number of dollars in the amount by which the salary of the employee at that time exceeds the prescribed amount or, if the number so ascertained is not a multiple of one hundred and sixty‑three, the next lower number that is such a multiple.
D is the number by which the number of years of prospective service of the employee exceeds ten; and
E is the number of units of pension for which the employee would be required to contribute at that time under paragraph (a) of subsection (2) if that paragraph were applicable to him.
 (4) Subject to this Act, a contributor is not eligible or required to begin to contribute for an additional unit of pension as from a date after he has attained the maximum age for retirement.
 (4A) Where the obligation of a contributor to contribute for an additional unit of pension came into existence on or before the date on which he attained the maximum age for retirement but, by reason of subsection (1) of section 138, contributions for that unit are payable as from a date after he attained that age:
 (a) the last preceding