Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Division, if:
(a) a person makes an election under section 137; and
(b) the person becomes employed in public employment; and
(c) the person becomes a member of an eligible superannuation scheme that is applicable in relation to people employed in that employment;
the person may, by written notice given to CSC, within 3 months after the person became a member of that scheme, elect that, in lieu of deferred benefits, a transfer value in respect of the person be paid to the person administering the scheme.
(2) An election under subsection (1) does not have any effect unless:
(a) the person administering the eligible superannuation scheme agrees to accept the transfer value; and
(b) under the rules of the scheme, the first - mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.
(3) If an election is duly made under subsection (1):
(a) a transfer value in respect of the person is payable to the person administering the eligible superannuation scheme; and
(b) deferred benefits cease to be applicable in respect of the person on the day on which the person administering the scheme accepts payment of the transfer value.