Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_145:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 145 (pt 1/6)
Character Range: 579026–581623

145  Special provisions affecting certain former contributors under certain superannuation schemes
 (1) Where:
 (a) a person who becomes an eligible employee was, at any time before becoming an eligible employee, 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 an approved superannuation scheme for the purposes of this section at the time when the person became an eligible employee;
 (b) by virtue of subsection 127(3) a transfer value is to be deemed for the purposes of Division 2 to have become payable in respect of the person after 25 May 1971 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 128(1)(a) to pay to CSC 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 or she was entitled to make an election under paragraph 128(1)(a), elect that this section shall have effect in relation to him or her and, where an election is so made, section 128 has effect as if the amount referred to in paragraph 128(1)(b), 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 CSC in accordance with that paragraph and CSC had made the payments referred to in paragraphs 128(2)(a) and 128(2)(b) in relation to that amount or that part of that amount, as the case may be.
 (3) An election under subsection (2) does not have effect unless the person who made the election, within the period referred to in that subsection, causes the life policy or life policies referred to in paragraph (1)(b) to be assigned to CSC, free from any mortgages, charges or other encumbrances.
 (4) If:
 (a) the annual rate of salary of the person upon his or her becoming an eligible employee was greater than the annual remuneration that was payable to him or her in respect of the last employment in which he or she was employed and to which a superannuation scheme referred to in subsection (1) related; or
 (b) after the person became an eligible employee his or her salary is increased;
CSC shall so far as is practicable