Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Division, where:
(a) a person makes an election under section 76; and
(b) within the period that is the prescribed period in relation to him, he:
(i) becomes employed in public employment; and
(ii) becomes a member of an eligible superannuation scheme that is applicable in relation to persons employed in that employment;
a transfer value in respect of the person is payable to the person administering that scheme.
(2) This section does not apply in relation to a person 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.