Document ID: chunk:federal_register_of_legislation:C2004A01338:clause:1_32f
Version: federal_register_of_legislation:C2004A01338
Segment Type: clause
Provision Reference: sch 1 cl 32F
Character Range: 24755–25874

32F  What is a chosen fund

 (1) If an employee wants a fund to be a chosen fund for the employee, the employee must give the employer written notice to that effect.

Note: A fund can only be a chosen fund if the employer is able to make contributions to the fund for the benefit of the employee (see subsection 32G(2)).

 (2) The fund becomes a chosen fund for the employee 2 months after the employee gives the notice to the employer or at such earlier time after the notice is given as the employer determines.

 (3) A fund (the selected fund) cannot become a chosen fund for an employee under this section if:
 (a) immediately before the employee gave the notice to the employer, the employee was a defined benefit member of a defined benefit superannuation scheme; and
 (b) even if the selected fund were to become a chosen fund for the employee, the employee would be entitled, on the employee's retirement, resignation or retrenchment, to the same amount of benefit from the defined benefit superannuation scheme as the employee would be entitled if the selected fund were not a chosen fund for the employee.