Document ID: chunk:federal_register_of_legislation:C2004A03392:body:0:p31
Version: federal_register_of_legislation:C2004A03392
Segment Type: other
Provision Reference: 
Character Range: 76573–79275

person is payable to the person administering that scheme.
"(3) Where a transfer value in respect of a person in lieu of deferred benefits applicable in relation to that person is paid under sub-section (2), those deferred benefits cease to be applicable in relation to that person.
"(4) Notwithstanding sub-section (2), a transfer value is not payable under that sub-section in respect of a person in lieu of deferred benefits that are applicable in relation to that person if at any time after those deferred benefits first became so applicable they have been payable to the person.
"(5) Notwithstanding sub-section (2), a transfer value in respect of a person is not payable under that sub-section to the person administering an eligible superannuation scheme unless the person administering the superannuation scheme agrees to accept the transfer value and, under the rules of the scheme, the first-mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.".

Person who is entitled to rights under Division not entitled to rights under other provisions of Act
60. Section 140 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-sections:

"(2) Where—
     (a) a person referred to in sub-section 137 (1) has been paid—
         (i) in a case where the person is a person to whom paragraph (a) of that sub-section applies—an amount by way of lump sum benefit to which the person has become entitled under section 80; or
         (ii) in a case where the person is a person to whom paragraph (b) of that sub-section applies—an amount or amounts by way of pension or by way of pension and lump sum benefit to which the person has become entitled under section 59 or an amount by way of lump sum benefit to which the person has become entitled under section 62; and
     (b) after that amount was, or those amounts were, paid, the person makes an election under section 137,
the election does not have effect unless an amount equal to that amount or to the aggregate of those amounts, as the case requires, is paid to the Commissioner within 7 days after the date of the election or within such further period as the Commissioner, in special circumstances, allows.
"(3) Where an amount is paid to the Commissioner by a person under sub-section (2), the Commissioner shall pay that amount into the Consolidated Revenue Fund and there shall thereupon be paid out of the Consolidated Revenue Fund (which is appropriated accordingly) into the Superannuation Fund—
     (a) if the person is a person to whom paragraph 137 (1) (a) applies—an amount equal to the amount paid to the Commissioner; or
     (b) if the