Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Any employee whose life is assured may, with the consent of the Board, transfer the policy (if unencumbered) to the Board or to a person approved by the Board and request the Board to continue the payment of the premiums under the policy.
(2) Where a transfer is made under subsection (1) the Board shall duly pay the premiums, and, on the maturity of the policy, shall pay to the employee or to his personal representatives to be administered as part of his estate, any sums received on the policy, less the amount of the premiums paid by the Board with compound interest thereon at the specified rate from the respective dates of payment.
(3) Where an employee desires that his policy be re - transferred to him before maturity, or resigns or retires from the Service, the Board may, on receipt of a request for re - transfer, or upon his resignation or retirement, re - transfer the policy to the employee upon payment to the Board of the amount of premiums paid by the Board, with compound interest thereon at the specified rate from the respective dates of payment.
(4) For the purposes of subsections (2) and (3), the specified rate means, in relation to any period, the rate of four per centum per annum or such rate as the Superannuation Fund Investment Trust determines in respect of that period.
(5) Subsection (1) ceases to have effect on and from 1 July 1976.
(6) Upon the commencement of the Superannuation Act 1976 , a policy that has been transferred to the Board and has not been re - transferred by the Board shall, by force of this subsection, be transferred to the Superannuation Fund Investment Trust and, after the commencement of that Act, any reference in subsections (2) and (3) to the Board shall, in the application of those subsections to the policy, be read as a reference to the Superannuation Fund Investment Trust.