Superannuation and Family Benefits Amendment Act 1981 (WA)

WESTERN AUSTRALIA.

SUPERANNUATION AND

FAMILY BENEFITS.

No. 9 of 1981.

AN ACT to amend the Superannuation and Family

Benefits Act 1938-1979.

[Assented to 22 May 1981.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent

of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

1. (1) This Act may be cited as the Superannua- and

tion and Family Benefits Amendment Act 1981.	citation.
Approved for

(2) In this Act the Superannuation and Family Reprint 1 October 1976

Benefits Act 1938-1979 is referred to as the principal

and amended

by Acts Nos.

Act.

134 of 1976 and 78 of 1979.

(3) The principal Act as amended by this Act may

be referred to as the Superannuation and Family

Benefits Act 1938-1981.

No. 9.] Superannuation and Family [1981.

Benefits.

Commence-

ment. 2. This Act shall be deemed to have come into

operation on 13 April 1981.

Section 38

substituted 3. Section 38 of the principal Act is repealed and

the following section substituted-

Units in

excess of	" 38. (1) Notwithstanding anything to the
two units
optional.	contrary in this Act, an employee who becomes or is a contributor may at his option contribute for more than two units of pension but so that the total number of units shall not exceed the prescribed number of units for the salary received by the employee as shown in the scale in section 37 (1) of this Act.
(2) Where a contributor contributes for more than two units of pension and elects to reduce the number of units of pension to any lesser number of units of pension, being any number of units not less than two, any contributions paid by him prior to such reduction in respect of units in excess of the reduced number shall be credited as contributions in respect of the reduced pension and any surplus thereafter (if any) shall be held in the Fund to the credit of the contributor together with compound interest thereon at a rate per centum per annum determined by the Board from time to time. " .
Section 91

amended. 4. Section 41 of the principal Act is amended in subsection (3a) by inserting after "accordingly" the following-

" and any excess in contributions arising as a consequence of the election of the contributor to retire at a later age shall be held in the Fund to the credit of the contributor together with compound interest thereon at a rate per centum per annum determined by the Board from time to time " .

1981.] Superannuation and Family [No. 9.

Benefits.

5. Any refund of contributions or refusal to Validation.

refund contributions by the Board prior to the date of the coming into operation of this Act in respect of an election made by a contributor before that date to

(a)	reduce the number of units of pension held by him; or
(b)	retire at a later age than the age in respect of which he was making his contributions,

or both, is hereby declared to be and to have been

valid.