Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where an employee or pensioner makes an election under this Division in relation to a unit of pension:
(a) that unit of pension becomes, or shall be deemed to have become, on and from the date as from which the election has or had effect, a non - contributory unit of pension applicable in relation to him;
(b) subject to subsection (2D) of section 19, he is not required or permitted to contribute, or to continue to contribute, as the case may be, for that unit of pension;
(c) if any contributions payable by him for that unit have been deferred in whole or in part by virtue of section 73 of the Superannuation Act 1959 or section 33 of the Superannuation Act 1963 --the compound interest payable upon the deferred contributions ceases to accrue upon the date of the election, and the amount of the interest that has accrued before that date is payable forthwith to the Fund and:
(i) shall, to the extent that it does not exceed the amount of any benefit payable to or in respect of the employee or pensioner under this Act, be deducted by the Board from the benefit; and
(ii) may, to the extent, if any, that it exceeds the amount of that benefit, be recovered by the Board in any court of competent jurisdiction as a debt due by the employee or pensioner to the Board;
(d) subject to subsection (2), any additional unit of pension the obligation to contribute for which comes or came into existence after the date as from which the election has or had effect shall be at the appropriate rate based on a retiring age of sixty - five years; and
(e) his maximum age for retirement is, in respect of all additional units of pension in relation to which paragraph (d) applies, sixty - five years.
(2) Paragraph (d) of subsection (1) does not prevent a contributor making an election under section 24 and ceases to apply in relation to him if he makes such an election, but if, after making such an election, he makes a further election under this Division in relation to a unit of pension, that paragraph applies in relation to any additional units of pension for which he commences to contribute after the date of the further election.