(1)  This regulation applies to –

(a) a contributor or a person who immediately before the commencement day held an investment account under the former regulations; and

(b) a person referred to in regulation 6(1)(c) , (d) , (e) or (f) and the spouse of any such person; and

(c) a person for whom an account has been established under regulation 100 ; and

(d) a person whose benefit has been preserved under regulation 54(4)(b) .

(2)  In accordance with these regulations, the Board may establish and maintain investment accounts for the purpose of receiving voluntary contributions, additional employer contributions, spouse contributions or benefit entitlements paid by, or on behalf of, a person to whom this regulation applies.

(3)  The Board must credit to investment accounts –

(a) all voluntary contributions or spouse contributions paid under regulation 63 by, or on behalf of, a person to whom this regulation applies; and

(b) all additional employer contributions paid by an Agency under regulation 64 on behalf of a person to whom this regulation applies; and

(c) any benefit paid into the Fund under regulation 65 ; and

(d) the balance of an account transferred under regulation 67(5) ; and

(e) interest applied under regulation 113(3) ; and

(f) any other amount considered appropriate by the Board.

(4)  The Board must debit to investment accounts –

(a) the cost of death and permanent incapacity premiums payable under regulation 66 ; and

(b) tax or surcharge liability or any other amounts required by the law of the Commonwealth; and

(c) the cost of administration and investment management as provided by regulation 69 ; and

(d) any other amount which a person to whom this regulation applies is liable to pay to the Board.

(5)  A person to whom this regulation applies may elect in writing –

(a) to receive a refund of the whole, or a part, of the balance of his or her investment account; or

(b) to have the whole, or a part, of the balance of his or her investment account transferred to a complying superannuation scheme or eligible rollover fund; or

(c) to convert the whole, or a part, of the balance of his or her investment account to a pension under regulation 79  –

and the balance of his or her investment account is to be reduced accordingly.

(6)  On receipt of an election under subregulation (5) , the Board must, subject to subregulation (7) , give effect to that election and reduce the balance of the person's investment account accordingly.

(7)  Any amount standing to the credit of an investment account may be paid by the Board only where regulated superannuation funds are permitted under the SIS Act to make such a payment in similar circumstances.

(8)  Notwithstanding subregulation (7) , a person to whom this regulation applies may elect in writing to transfer an amount standing to the credit of his or her investment account to the contributory scheme as settlement in whole or part of any debt owed by that person to the Board and the balance of his or her investment account is to be reduced accordingly.