Victorian Current Acts Victorian Current ActsS. 50(1) amended by No. 110/1993 s. 77(1).
(1) Except as provided in subsections (2) and (3), a new scheme member must make contributions to the Fund at a rate specified in the following Table at the election of the new scheme member:
|
TABLE OF CONTRIBUTIONS |
|
Contribution as a percentage of salary |
|
Nil |
|
3·0% |
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5·0% |
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7·0% |
(2) A new scheme member can only elect to contribute at a rate equal to 7 per cent of his or her salary if—
S. 50(2)(a) repealed by No. 110/1993 s. 77(2).
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(b) he or she is a member of a prescribed class of new scheme members; or
S. 50(2)(c) amended by No. 81/1988 s. 29.
(c) contributing at that rate will not make him or her eligible to an accrued retirement benefit greater than that for which he or she would be eligible by contributing at the rate of 5 per cent of his or her salary for the whole of his or her period of—
S. 50(2)(c)(i) inserted by No. 81/1988 s. 29.
(i) recognised service; and
S. 50(2)(c)(ii) inserted by No. 81/1988 s. 29, amended by No. 94/2005 s. 43.
(ii) service as an officer prior to 1 July 1988 during which no contributions were made to the State Superannuation Fund; and
S. 50(2)(c)(iii) inserted by No. 81/1988 s. 29.
(iii) earlier continuous service approved by the Board in respect of which no deferred benefit can become payable under another statutory superannuation scheme.
S. 50(2A) inserted by No. 110/1993 s. 77(3).
(2A) A new scheme member contributing at a rate equal to 7 per cent of his or her salary under subsection (2) as in force before the commencement of section 77 of the Public Sector Superannuation (Administration) Act 1993 who does not meet the requirements of that subsection as in force after that commencement is to be deemed to have elected to contribute at a rate of 5 per cent of his or her salary with effect from the last pay day in February 1994.
S. 50(3) substituted by No. 110/1993 s. 77(4).
(3) A new scheme member contributing at a rate equal to 8 per cent of his or her salary under this section as in force before the commencement of section 77 of the Public Sector Superannuation (Administration) Act 1993 is to be deemed to have elected to contribute at a rate of 7 per cent of his or her salary with effect from the last pay day in February 1994.
(4) For the purposes of subsections (2) and (3), recognised service includes unpaid parental leave up to 12 months for each confinement if the new scheme member has returned for at least 12 months of paid employment after the period of unpaid parental leave.
S. 50(4A) inserted by No. 40/2004 s. 33.
(4A) An eligible salary sacrifice contributor may by notice in writing to the employing authority elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0·1% in accordance with the following formula—
where—
" M " is the elected member contribution rate in accordance with subsection (1) without salary sacrifice;
" R " is the tax rate for the financial year on taxable contributions to the Fund under the Commonwealth Income Tax Assessment Act 1936 .
S. 50(4B) inserted by No. 40/2004 s. 33.
(4B) An election under subsection (4A)—
(a) can only be made if there is in force an agreement between the employing authority and the member under which the employing authority can make the member contributions required by this Act by way of salary sacrifice;
(b) is subject to the terms and conditions specified in the agreement referred to in paragraph (a);
(c) can only be made in respect of the whole of the member contributions;
(d) can not be made in respect of any contributions made by a member in addition to the elected member contributions under subsection (1).
S. 50(4C) inserted by No. 40/2004 s. 33.
(4C) Member contributions made in accordance with the rate determined under subsection (4A) are for the purposes of this Act (other than sections 71C to 71E) to be taken to be—
(a) the member contributions elected to be paid under this Act; and
(b) the member contributions that would have been payable if an election had not been made under subsection (4A).
Note to s. 50(4C)(b) inserted by No. 37/2007 s. 32.
Note
The effect of paragraph (b) is that, for the purpose of calculating benefit entitlements, the member contributions are taken to be the member contributions that would have been payable if no election had been made.
S. 50(4D) inserted by No. 40/2004 s. 33.
(4D) An election under subsection (4A) does not affect the amount that would otherwise constitute the salary of the new scheme member for the purposes of this Act.
(5) A new scheme member may elect to change his or her rate of contribution on the day or days in any calendar year fixed by the Board as the day or days on which new scheme members or a class of new scheme members of which he or she is a member may elect to change their rate of contributions.
(6) The changed contribution is payable as from and inclusive of the pay day on or next following the day being 2 months after the day fixed under subsection (5).
(7) An election continues in force until another election is made in accordance with this section.
(8) Until a new scheme member makes an election he or she is to be treated as having elected not to contribute.
S. 50(9) amended by No. 40/2010 s. 84(1).
(9) If a new scheme member becomes entitled to the maximum accrued retirement benefit or attains the age of 75 years no further contributions are to be made.
S. 50(10) inserted by No. 49/1992 s. 16, repealed by No.
4/1996
s. 108(2),
new s. 50(10) inserted by No. 40/2010 s. 84(2).
(10) Despite subsection (9), a new scheme member may make contributions after he or she attains the age of 75 years if he or she is permitted to do so under Commonwealth superannuation law.
S. 51
repealed by No.
64/1995
s. 38(2).
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Division 2—Benefits