Document ID: chunk:federal_register_of_legislation:C2024C00825:section:107c:p2
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 107C (pt 2/3)
Character Range: 277084–279589

amount equal to the sum of the contributions and interest that would, if the employee had continued to be a contributor to the State Fund and had ceased to be such a contributor on the day on which he ceases to be a contributor to the Fund, have been payable to the State Fund in relation to those deferred contributions for the purpose of enabling benefits to be payable in respect of those deferred contributions.
 (5) Where the number of units of pension for which a prescribed employee is, upon becoming an employee for the purposes of this Act, liable to contribute to the Fund by virtue of section 20 exceeds the number of units of pension for which he is liable to contribute to the Fund by virtue of subsection (3) of this section, that subsection does not affect his liability to contribute for the excess (in this subsection referred to as additional units of pension), but, if he attained the age of 40 years before the relevant date section 20A applies to and in relation to those additional units of pension as if they were additional units of pension for which he is required to contribute by reason of an increase in his salary since the attainment by him of the age of 40 years.
 (6) Where, immediately before the relevant date, the benefits for which a prescribed employee was entitled to contribute to the State Fund exceeded the benefits for which he was contributing to that fund:
 (a) subsection (5) applies in relation to him as if the reference to the number of units of pension for which he is liable to contribute to the Fund by virtue of subsection (3) were a reference to the number of units of pension (including, where necessary, a fraction of a unit) determined by the Board to be the number of units that will entitle him to benefits equivalent to those first‑mentioned benefits; and
 (b) subject to subsection (7), he may, at any time while he is a contributor to the Fund, but not later than 12 February 1976, elect to contribute to the Fund for so many additional units of pension (including, where necessary, a fraction of a unit) as the Board determines to be the number of units that will entitle him to benefits equivalent to that excess.
 (7) An election under paragraph (b) of subsection (6) does not have effect in relation to a prescribed employee unless, not later than 6 months after the date on which the election is made, he satisfies the Board that he is not suffering from any physical or mental defect (not being a defect that, in the opinion of the Board,