Document ID: chunk:federal_register_of_legislation:C2004A04907:body:0:p20
Version: federal_register_of_legislation:C2004A04907
Segment Type: other
Provision Reference: 
Character Range: 48975–51896

be an eligible employee and had continued to occupy the position held by him or her immediately before so ceasing; and

        (ii) reached the 55th anniversary of the person's birth; and

SCHEDULE 2—continued

    (b) the person has provided the Board with a statement to the effect that he or she has retired from the workforce.

"(4) Deferred benefits are not payable unless:

    (a) a written application has been made to the Board requesting payment of the benefits; and

    (b) the applicant has given the Board any information that is necessary to enable the Board to determine whether the benefits are payable.

Circumstances in which person entitled to transfer value

"139.(1) Subject to this Division, if:

    (a) a person makes an election under section 137; and

    (b) the person becomes employed in public employment; and

    (c) the person becomes a member of an eligible superannuation scheme that is applicable in relation to people employed in that employment;

the person may, by written notice given to the Board, within 3 months after the person became a member of that scheme, elect that, in lieu of deferred benefits, a transfer value in respect of the person be paid to the person administering the scheme.

"(2) An election under subsection (1) does not have any effect unless:

    (a) the person administering the eligible superannuation scheme agrees to accept the transfer value; and

    (b) under the rules of the scheme, the first-mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.

"(3) If an election is duly made under subsection (1):

    (a) a transfer value in respect of the person is payable to the person administering the eligible superannuation scheme; and

    (b) deferred benefits cease to be applicable in respect of the person on the day on which the person administering the scheme accepts payment of the transfer value.".

125. Subsection 139A(1):

Omit "139(1)", substitute "138(1)".

126. Paragraphs 139A(1)(a) and (b):

Omit, substitute:

    "(a) is employed in public employment; and

    (b) becomes a member of an eligible superannuation scheme that is applicable to people employed in that employment;".

SCHEDULE 2—continued

127. Paragraph 139A(IA)(a):

Omit " 139(1)", substitute "138(1)".

128. Subsection 139AAQ):

    (a) Omit "139(2)", substitute "138(2)".

    (b) Omit "subsection (2)", substitute "this section".

129. Subsection 139AA(2):

Omit, substitute:

"(2) Subsection (1) does not apply if:

    (a) the person provides the Board with a statement to the effect that the person has retired from the workforce; or

    (b) the Board is satisfied that the person is about to leave Australia permanently.

"(3) If the ISC has determined that the part of the person's deferred benefits that consists of an amount equal to the person's accumulated employer contributions, or a portion