Section 4: Contributions

4. Contributions (1) Every statutory body shall— (a) in the case of an officer who is appointed on or after 1 July 1978; (b) in the case of an officer who was appointed before 1 July 1978 but who, by written notice to the statutory body, has opted to discontinue to belong to an existing pension scheme and become a beneficiary, make a contribution to the Fund, at such rate as the actuary may determine, from the date the officer is appointed, or exercises an option under this section, and until he ceases to be employed by the statutory body. (2) The contribution under subsection (1) shall be— (a) 12 per cent of pensionable emoluments; and (b) adjusted in the light of an actuarial investigation carried out under section 5. (2A) Where a refund of contribution is made to a person under section 4A (4), any contribution made by the statutory body in respect of that person shall accrue to the Fund and used to offset future contributions. (3) — (4) An option exercised by an officer under subsection (1) (b) shall be irrevocable. (5) Where an officer exercises an option to become a beneficiary under subsection (1) (b)— (a) that portion of the assets and liabilities of the pension scheme to which he belonged and which relates to him; or (b) where his pension benefits were provided for by an insurance policy, the surrender value of the policy in respect of the officer, shall be transferred to the Fund. [S. 4 amended by s. 35 (c) of Act 18 of 2008 w.e.f. 1 July 2008.]