Document ID: chunk:federal_register_of_legislation:F2022C00514:schedule:10:p1
Version: federal_register_of_legislation:F2022C00514
Segment Type: schedule
Provision Reference: sch 10 (pt 1/2)
Character Range: 266567–269171

Schedule 10—Transfer value
(Schedule 1, definition of transfer value)

 1. The transfer value, in relation to a transferred person, is an amount equal to the sum of:
 (a) previous contributions made by the person under the previous legislation; and
 (b) interest in respect of the amount in paragraph (a) which would have accrued before the date of his or her transfer if so much of that amount:
 (i) as comprised contributions and additional contributions (within the meaning of the 1973 Act) paid before 1 October 1991 had been earning interest at the annual rates applicable in accordance with Schedule 11; and
 (ii) as comprised contributions and additional contributions (within the meaning of the 1973 Act) paid on or after that date had been funded;
  less the amount (if any) remaining unpaid to the Commonwealth by the person in respect of:
 (c) an election by him or her under the previous legislation to have a period of service taken into account as service for pension or as qualifying service; and
 (d) an advance payment made to him or her in respect of a gratuity under:
 (i) the previous legislation; or
 (ii) the Defence Force (Bounties and Gratuities) Regulations; or
 (iii) Determination 0705 made under Part IIIA of the Defence Act 1903; and
 (e) an amount required to be paid by him or her under subsection 87(3) of the 1973 Act.
 2. For the purpose of paragraph 1(b), where, for any period, official records of the fortnightly amounts of contributions paid by a member when he or she was a member of the retirement benefits scheme under the 1948 Act are not available, the contributions paid by the member during that period are taken to have been paid on the date at the middle of that period, unless CSC, having regard to documentary evidence of those contributions produced to CSC by the member, otherwise determines.
 3. Where, on a day (in this item called the person's commencement day) a person became a transferred person (not being a person who has since retired), and in the application of this Schedule to that person on that day:
 (a) the calculation of the person's transfer value required the deduction of an amount (in this item called the deducted amount) in accordance with item 1 from the sum of the amounts referred to in paragraphs 1 (a) and (b); and
 (b) the deducted amount included an amount in respect of an
election referred to in paragraph 1(c) or an amount referred to in paragraph 1 (e);
then, if the person pays to the Commonwealth for the purposes of this item, before the expiration of 90 days after the commencement of this item, an amount (in this