Document ID: chunk:federal_register_of_legislation:C2004A01287:clause:1_147
Version: federal_register_of_legislation:C2004A01287
Segment Type: clause
Provision Reference: sch 1 cl 147
Character Range: 99138–99938

147  Cessation of rights against transferor fund

  If the benefits of members and beneficiaries in a transferor fund are transferred to a transferee fund under this Part:
 (a) the members and beneficiaries cease to have rights against the transferor fund; and
 (b) if:
 (i) immediately before the transfer occurred, another person had a contingent right against the transferor fund to a death or disability benefit; and
 (ii) the contingent right was derived from a member's or beneficiary's capacity as a member or beneficiary of the transferor fund;
  the other person ceases to have the contingent right against the transferor fund.
To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit.