Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where an employee who has attained the age of forty years but has not attained the age of sixty - five years is a contributor for a number of units of pension less than the difference between:
(a) the number of units of pension ascertained in accordance with subsection (2) of section 20 as it applies in relation to him; and
(b) the number of non - contributory units of pension, if any, applicable in relation to him;
he may, subject to this Act and to the Superannuation Act (No. 2) 1969 , elect that such number of units of pension as does not exceed the number by which that difference exceeds the number of units of pension for which he is a contributor are to be applicable in relation to him as non - contributory units of pension, but, subject to section 20AB, a person is not entitled to make an election under this subsection after 30 June 1976.
(2) An election by an employee under subsection (1) does not have effect in relation to a unit of pension unless the sum of:
(a) the fortnightly amount of the contributions (other than contributions for reserve units of pension) that are payable by him to the Fund on the date of the election or, if that date is not a pay - day, that would be so payable if that date were a pay - day; and
(b) the fortnightly amount of the contributions that, if he became liable to contribute for that unit on that date, would be payable by him to the Fund in respect of that unit on that date or, if that date is not a pay - day, on the next following pay - day;
exceeds three - one thousand and fortieths of his salary as at the date of the election.
(3) Where an election is made by an employee under subsection (1) after 4 February 1976 and before 1 July 1976, not being an election made by virtue of section 20AB, his salary as at the date of the election shall, for the purposes of subsection (2), be deemed to be the salary that was his salary as at 4 February 1976.