Superannuation Act 1950 (Cth)

SUPERANNUATION.

No. 76 of 1950.

An Act to amend the Superannuation Act 1922-1948, and for other purposes.

[Assented to 15th December, 1950.]

BE it enacted by the King's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation. 1.—(1.) This Act may be cited as the Superannuation Act 1950. (2.) The Superannuation Act 1922-1948 is in this Act referred to as the Principal Act. (3.) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922-1950. (4.) The Superannuation Act 1947-1948, as amended by this Act, may be cited as the Superannuation Act 1947-1950.

Commencement. 2. This Act shall come into operation on the day on which it receives the Royal Assent.

Scale of units of pensions. 3. Section thirteen of the Principal Act is amended by omitting from sub-section (1.) the scale contained therein and inserting in its stead the following scale:— Column One. Column Two. Column Three. Where the Annual Salary of the Employee— The employee shall contribute the amount necessary to provide units of pension as under— Equivalent to an annual pension of— £ £ s d Does not exceed................... 130 .. Two units.......... 78 0 0 £ Exceeds 130 and does not exceed 156 .. Two and a half units... 97 10 0 Exceeds 156 and does not exceed 208 .. Three units......... 117 0 0 Exceeds 208 and does not exceed 260 .. Four units.......... 156 0 0 Exceeds 260 and does not exceed 312 .. Five units.......... 195 0 0 Exceeds 312 and does not exceed 364 .. Six units........... 234 0 0 Exceeds 364 and does not exceed 416 .. Seven units......... 273 0 0 Exceeds 416 and does not exceed 468 .. Eight units......... 312 0 0 Exceeds 468 and does not exceed 520 .. Nine units.......... 344 10 0 Exceeds 520 and does not exceed 572 .. Ten units.......... 377 0 0 Exceeds 572 and does not exceed 624 .. Eleven units........ 409 10 0 Exceeds 624 and does not exceed 676 .. Twelve units........ 442 0 0 Exceeds 676 and does not exceed 728 .. Thirteen units....... 474 10 0 Exceeds 728 and does not exceed 780 .. Fourteen units....... 507 0 0 Exceeds 780 and does not exceed 832 .. Fifteen units........ 539 10 0 Exceeds 832 and does not exceed 884 .. Sixteen units........ 572 0 0 Exceeds 884 and does not exceed 936 .. Seventeen units...... 604 10 0 Exceeds 936 and does not exceed 988 .. Eighteen units....... 637 0 0 Exceeds 988 and does not exceed 1,040 .. Nineteen units....... 669 10 0 Exceeds 1,040 and does not exceed 1,144 .. Twenty units........ 702 0 0 Exceeds 1,144 and does not exceed 1,248 .. Twenty-one units..... 734 10 0 Exceeds 1,248 and does not exceed 1,352 .. Twenty-two units..... 767 0 0 Exceeds 1,352 and does not exceed 1,456 .. Twenty-three units.... 799 10 0 Exceeds 1,456 and does not exceed 1,560 .. Twenty-four units.... 832 0 0 Exceeds 1,560 and does not exceed 1,664 .. Twenty-five units..... 864 10 0 Exceeds 1,664 .................. Twenty-six units..... 897 0 0