Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A reference in this Division to a transfer value payable in accordance with this Division to or in respect of a person who has ceased to be a member is a reference to such amount as is determined by the Board to be the value of the rights of the person under this Act as at the time immediately before he ceased to be a member.
(2) In furnishing advice to the Board in relation to the determination of the value of the rights of a person under this Act as at the time immediately before he ceased to be a member, the Commonwealth Actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:
(a) the contributions to the Fund made by the person;
(b) subject to subsection (3), the payments to the Fund that would have been made by the Commonwealth if, on each occasion on which the person was required to pay an amount of contributions to the Fund or would have been required to pay an amount of contributions to the Fund but for an election made by him under subsection 61A(1) or 61B(1) of the Defence Forces Retirement Benefits Act 1963 - 1968 , the Commonwealth had paid to the Fund such amount as would have been necessary to provide for the share of pension that would have been payable by the Commonwealth in respect of the person;
(c) any amounts paid to the Board in accordance with subsection 82R(1) in respect of the person;
(d) the amount of the liability of the Fund in respect of the person from time to time during the period throughout which the person was a contributor, having regard, in addition to any other relevant matters, to:
(i) the age of the person at the date on which he became a contributor; and
(ii) 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 person was included;
(e) the rates of interest that it is assumed, for the purposes of the advice, have been earned by the assets of the Fund;
(f) the state and sufficiency of the Fund at the date on which the person ceased to be a contributor; and
(g) the value of any benefit that, but for this Division, would be payable to or in respect of the person under this Act by reason of his having ceased to be a contributor.
(3) For the purposes of the application of subsection (2) in relation to a person who, being a member other than an officer, ceased to be a member by reason that he was discharged for disciplinary reasons, paragraph (2)(b) does not apply in relation to the payments to the Fund that would have been made by the Commonwealth during the period of the engagement under which the person was serving immediately before he ceased to be a member.
(4) In this section, a reference to the Board shall be read as including a reference to the Authority.