Document ID: chunk:federal_register_of_legislation:C2024C00465:section:84:p1
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 84 (pt 1/5)
Character Range: 204251–206856

84  Special provisions affecting former members of certain superannuation schemes
 (1) Where:
 (a) a person who becomes a contributing member was, at any time, a member of:
 (i) a superannuation scheme conducted in accordance with the system established in the United Kingdom of Great Britain and Northern Ireland and known as the Federated Superannuation System for Universities; or
 (ii) a superannuation scheme that was, or is to be deemed to have been, an approved superannuation scheme for the purposes of this section at the time when the person became a contributing member;
 (b) by virtue of subsection 68(3) a transfer value is to be deemed, for the purposes of Division 2 of this Part to have become payable in respect of the person under that superannuation scheme because the person was the owner of a life policy or policies of a kind referred to in that subsection, or because the person was entitled to have the rights of the owner of such a policy or policies assigned to him or her; and
 (c) the person has elected in accordance with paragraph 69(1)(a) to pay to the Commonwealth an amount equal to the amount of that transfer value;
the succeeding provisions of this section have effect.
 (2) The person may, within the period within which he was entitled to make an election under paragraph 69(1)(a), elect that this section shall have effect in relation to him and, where an election is so made, section 69 has effect as if the amount referred to in paragraph (1)(b) of that section, or, if part only of that amount relates to the transfer value referred to in subsection (1) of this section, that part of that amount, had been paid to the Commonwealth in accordance with paragraph 69(1)(b).
 (3) An election under subsection (2) does not have effect unless the person causes to be assigned to the Commonwealth, within the period referred to in that subsection, the life policy or life policies referred to in paragraph (1)(b) free from any mortgages, charges or other encumbrances.
 (4) If:
 (a) the annual rate of pay of the person upon his becoming an eligible member of the Defence Force was greater than the annual remuneration that was payable to him in respect of the last employment in which he was employed and to which a superannuation scheme referred to in subsection (1) related; or
 (b) after the person became such a member his annual rate of pay is increased;
CSC, on behalf of the Commonwealth shall, so far as is practicable, arrange for the amount or amounts of any life policy or life policies assigned to the Commonwealth by the person to be increased by the amount