Document ID: chunk:federal_register_of_legislation:C2004A00035:body:0:p3
Version: federal_register_of_legislation:C2004A00035
Segment Type: other
Provision Reference: 
Character Range: 4924–7443

contributions and partly upon contributions under the scheme by the member; and
    (b) a reference to the amount of a transfer value—
         (i) if the transfer value was based in part upon an amount or amounts paid to or in respect of the member under this Act—is a reference to so much only of the lump sum constituting the transfer value as exceeded that amount or the total of those amounts; and
         (ii) does not include a reference to any part of the lump sum constituting the transfer value that was based upon contributions by the member that were of a similar nature to contributions under the Superannuation Act 1922-1973 for reserve units of pension.

"(2) If, after a transfer value became payable to or in respect of a person under a superannuation scheme, the whole or any part of that transfer value was paid to a person administering another superannuation scheme—
    (a) where the whole of the transfer value was so paid—that transfer value shall be disregarded for the purposes of this Act; or
    (b) where part of the transfer value was so paid—the amount of that transfer value shall be deemed, for the purposes of this Act, to be reduced by the amount so paid.
"(3) Subject to sub-section (4), a transfer value shall be deemed for the purposes of this Act to have become payable in respect of a person under a superannuation scheme upon the termination of any employment if, upon the termination of that employment, he had the legal title to a life policy, or was entitled to have the legal title to a life policy assigned to him, being a policy the premiums for which were, while he was employed in that employment, paid in whole or in part by his employer, and, in that case, the surrender value of the policy as at the date of the termination of the employment shall be taken to be the amount of the transfer value.

"(4) Where a transfer value is, by virtue of sub-section (3), deemed for the purposes of this Act to have become payable in respect of a person upon the termination of any employment by reason that, upon the termination of that employment, he had the legal title to a life policy, or was entitled to have the legal title to a life policy assigned to him, a transfer value shall not be deemed, for those purposes, to have become payable in respect of the person upon the termination of any previous employment by reason that, upon the termination of that previous employment, he had the legal title to that policy, or was entitled to have the legal title to that policy