Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A contributor who is contributing for one or more reserve units of pension may elect to discontinue his contributions in respect of any or all of those units, in which case he shall be paid from the Account the amount of the contributions already made by him in respect of those reserve units of pension, together with compound interest on those contributions at the specified rate from the respective dates of payment.
(2) Where a contributor who is contributing for one or more reserve units of pension ceases to be an employee, there shall be paid to him or to his personal representatives, from the Account, the amount of his contributions to the Account, together with compound interest on those contributions at the specified rate from the respective dates of payment.
(3) For the purposes of subsections (1) and (2), the specified rate means, in relation to any period, a rate determined by the Board in respect of that period.
(4) Where a contributor who:
(a) is contributing for at least one unit of pension at the appropriate rate based on a retiring age of sixty - five years; or
(b) not being a person to whom paragraph (a) applies, has made an election under Division 2A;
and is contributing for one or more reserve units of pension at the appropriate rate based on a retiring age of sixty years makes an election under subsection (1) to discontinue his contributions in respect of those reserve units of pension (in this subsection referred to as the discontinued units ):
(c) nothing in this Division prevents him from making an election at the same time under subsection (1) of section 30 to contribute for a number of reserve units of pension (in this subsection referred to as the new units ) not exceeding the number of the discontinued units at the appropriate rate based on a retiring age of sixty - five years; and
(d) in the application of subsection (2) of section 30 in relation to the contributor, such number of the discontinued units as does not exceed the number of the new units shall be disregarded.
(5) A person is not entitled to make an election under this section after 30 June 1976.