Document ID: chunk:federal_register_of_legislation:C2022C00288:section:82zh:p4
Version: federal_register_of_legislation:C2022C00288
Segment Type: section
Provision Reference: s 82ZH (pt 4/6)
Character Range: 184576–187067

by the person to the Commonwealth under subsection (6).
 (9) Where the person ceases to be a contributor and neither subsection (7) nor subsection (8) applies in relation to him, then, if the election made by him under subsection (2) of this section has not been revoked in accordance with subsection (10):
 (a) the Board shall surrender the life policy or life policies assigned by him to the Board in accordance with subsection (3) of this section or issued in relation to him in accordance with subsection (4) of this section and, out of the proceeds of the surrender, shall:
 (i) pay to the Fund an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund under subsection 82R(3) together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph 82R(1)(b) and ended on the date as at which the surrender value or surrender values of the life policy or life policies was or were calculated, at the rate or rates applicable under subsection (15) of this section;
 (ii) in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3) of this section—pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (1)(b) is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became a contributor; and
 (iii) pay the balance to the Commonwealth; and
 (b) the Commonwealth shall pay to the person an amount equal to the sum of any amounts paid by him to the Commonwealth under subsection (6) of this section.
 (10) A person who has made an election under subsection (2) may, if:
 (a) he has not ceased to be a contributor; and
 (b) the life policy or life policies assigned by him to the Board in accordance with subsection (3) or issued in relation to him in accordance with subsection (4) has not or have not become payable;
by notice in writing to the Board revoke the election and, in that case, paragraphs (9)(a) and (b) have effect in relation to him.
 (11) The Finance Minister may, by instrument under his hand published in the Gazette, declare a superannuation scheme, being a scheme under which benefits are provided for by means of