Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 151, 1986 - SECT 59

59. After section 139 of the Principal Act the following section is inserted:
Election for transfer value by persons in relation to whom deferred benefits
are applicable

"139A. (1) Where a person in relation to whom deferred benefits are applicable
under sub-section 139 (1)-

   (a)  is or becomes employed in public employment; and

   (b)  is or becomes a member of an eligible superannuation scheme that is
        applicable to persons employed in that employment, the person may
        elect, by notice in writing given to the Commissioner, that, in lieu
        of those deferred benefits, a transfer value in respect of the person
        be paid to the person administering that scheme.

"(2) Where a person to whom deferred benefits are applicable and who is or
becomes a member of an eligible superannuation scheme makes an election under
sub-section (1) for the payment of a transfer value in respect of the person
in lieu of those deferred benefits, a transfer value in respect of the person
is payable to the person administering that scheme.

"(3) Where a transfer value in respect of a person in lieu of deferred
benefits applicable in relation to that person is paid under sub-section (2),
those deferred benefits cease to be applicable in relation to that person.

"(4) Notwithstanding sub-section (2), a transfer value is not payable under
that sub-section in respect of a person in lieu of deferred benefits that are
applicable in relation to that person if at any time after those deferred
benefits first became so applicable they have been payable to the person.

"(5) Notwithstanding sub-section (2), a transfer value in respect of a person
is not payable under that sub-section to the person administering an eligible
superannuation scheme unless the person administering the superannuation
scheme agrees to accept the transfer value and, under the rules of the scheme,
the first-mentioned person will become entitled to retirement benefits under
the scheme based upon the transfer value.".