Schedule 3 Voluntary deferral of benefit for employees aged 55 years and over in certain circumstances
(Section 24A)
(1) This Schedule applies to an employee:(a) who is of or above the age of 55 years, and(b) who, as a result of a single reduction of salary, has undergone a reduction of 20% or more in attributed salary after reaching that age, and(c) whose employer certifies the matters referred to in paragraphs (a) and (b).(2) The fact that a person undergoes more than one attributed salary reduction of 20% or more does not mean that the person ceases to be a person to whom this Schedule applies.
In this Schedule, exit date, in relation to an employee to whom this Schedule applies, means the day immediately preceding the day of the reduction in attributed salary in relation to which the employee makes an election under clause 3.
3 Election to preserve benefit
(1) An employee to whom this Schedule applies may elect to preserve his or her benefit under this Act in accordance with this Schedule.(2) An employee may make only one election under this clause but the election may relate to any single reduction in attributed salary of 20% or more that occurs after the employee reaches 55 years of age (not just the first reduction that occurs).
4 Date of preservation of benefit
The benefit is preserved from the exit date.
5 Calculation of value of preserved benefit
The value of a preserved benefit in respect of an employee to whom this Schedule applies is to be calculated in accordance with section 22 as if the employee had ceased employment.
6 When preserved benefit is payable
A benefit preserved under this Schedule may only be paid in accordance with section 24.