Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a transfer value or transfer values became payable to or in respect of the member in accordance with paragraph 82Q(1)(a);
(b) the member elected not later than 3 months after the date on which he became a contributor to pay to the Board an amount equal to the amount of that transfer value or, if 2 or more transfer values became payable, to the sum of the amounts of those transfer values; and
(c) that amount has, before the expiration of that period of 3 months, been paid to the Board;
the succeeding provisions of this section have effect.
(2) The Board may, if it is satisfied that there are special circumstances that justify it in so doing, extend the period for the making of an election and the payment of an amount to the Board under subsection (1).
(3) So much of the amount paid to the Board as is equal to the employee component of the transfer value, or to the sum of the employee components of the transfer values, as the case may be, shall be paid by the Board to the Fund and, when so paid, shall, to the extent to which it was payable to the member upon the termination of the employment in respect of which the transfer value or any of the transfer values became payable irrespective of whether he engaged in further employment, be deemed, for the purposes of this Act, to be contributions made to the Fund by the member.
(4) The Board shall pay to the Commonwealth so much of the amount paid to the Board as is equal to the employer component of the transfer value or to the sum of the employer components of the transfer values, as the case may be.
(5) For the purposes of the application of section 30 in relation to the member, a reference in that section to the date as from which he was required to contribute to the Fund shall be taken to be a reference to the date that is earlier than the actual date from which he was so required to contribute by such period as is determined by the Board.
(6) In furnishing advice to the Board in relation to the determination by the Board, for the purposes of subsection (5), of a period in relation to the member, the Commonwealth Actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:
(a) the date on which the member became a contributor;
(b) the amount paid to the Board;
(c) the amounts respectively paid to the Fund and to the Commonwealth under subsections (3) and (4);
(d) the age of the member at the date on which he became a contributor;
(e) the respective rates of mortality, invalidity and withdrawal from the Fund that are assumed, for the purposes of the advice, to apply in relation to the class of contributors in which the member is included; and
(f) the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund.
(7) If the member became a member after having attained the age of 20 years, the period of his service for pension shall, for the purposes of pension under this Act, be deemed to be increased by a period equal to:
(a) the period determined by the Board in accordance with subsection (5); or
(b) the period that commenced on the day on which he attained the age of 20 years and ended on the day immediately before he became a member;
whichever is the shorter period.
(8) If:
(a) under the superannuation scheme applicable in relation to any previous employment of the person, the whole or any part of the employer component of a transfer value was payable to the member upon the termination of that employment irrespective of whether he engaged in further employment; and
(b) the member ceases to be a member and a refund of the contributions paid by him to the Fund, with or without any additional amount, is payable to or in respect of him;
so much of the amount paid to the Commonwealth under subsection (4) as is equal to the employer component of the transfer value or to that part of that employer component, as the case may be, is payable to or in respect of him out of the Fund.
(9) Where an amount is payable out of the Fund under subsection (8), the Commonwealth shall pay an amount equal to that amount to the Fund.
(10) For the purposes of this section:
(a) the employee component of a transfer value payable to or in respect of a person is the part (if any) of that transfer value that was based upon contributions made by the person; and
(b) the employer component of a transfer value payable to or in respect of a person is the part of that transfer value that was based upon contributions by an employer or employers of the person.
(11) Upon the transfer of the moneys of the Fund, by virtue of section 21A, to the Commonwealth, this section has effect as if:
(a) the requirement in subsection (3) of this section that an amount be paid to the Fund were a requirement that that amount be paid to the Commonwealth and not to the Fund; and
(b) subsection (6) of this section were amended:
(i) by omitting from paragraph (c) "to the Fund and to the Commonwealth";
(ii) by omitting from paragraph (e) "withdrawal from the Fund" and substituting "resignation upon which no benefit other than a refund of contributions is payable"; and
(iii) by omitting from paragraph (f) "will be earned by the assets of the Fund" and substituting "would have been earned by the assets of the Fund if the moneys of the Fund had not been transferred to the Commonwealth and had included any amounts paid to the Commonwealth in pursuance of paragraph (a) of this subsection".
(12) In this section, a reference to the Board shall be read as including a reference to the Authority.