Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p15
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 15/34)
Character Range: 165719–168388

an employee for the purposes of that Act or, if the person became such an employee on more than one occasion, on or after his or her last becoming such an employee; or

(b) a person:

(i) who has ceased to be an eligible employee; and

        (ii) who was immediately before so ceasing, a person referred to in paragraph (a) of the definition of 'eligible employee' in subsection 3 (1); and

(iii) in relation to whom a non-contributory unit of pension was applicable on 30 June 1976; or

(c) a person:

(i) who has ceased to be an eligible employee; and

        (ii) to whom, immediately before becoming an eligible employee, an invalidity pension was, or would, but for a suspension of payment, have been, payable under the superseded Act; and

        (iii) in relation to whom a non-contributory unit of pension was applicable immediately before the invalidity pension became payable; or

(d) a person:

(i) who has ceased to be an eligible employee; and

        (ii) in relation to whom section 128 has effect.".

Transfer value

74. Section 135 of the Principal Act is amended by omitting subsection (1) and substituting the following subsections:

"(1) Subject to subsection (1a), the amount of any transfer value payable under this Division to or in respect of a person who has ceased to be an eligible employee is an amount equal to the sum of:

(a) 31/2 times the amount of the person's accumulated basic contributions; and

(b) the amount of the person's accumulated employer contributions (if any); and

(c) the amount of the person's accumulated supplementary contributions (if any).

"(1a) The amount of any transfer value payable under this Division to, or in respect of, a person who is a former eligible employee with benefits from previous employment is such amount as is determined by the Commissioner having regard to:

    (a) the amount that would be payable to the person under subsection (1) if this subsection did not apply to the person; and

(b) the amount of any transfer value paid by, or in respect of, the

    person to the Superannuation Board or the Commissioner for Superannuation under the superseded Act; and

    (c) the number of non-contributory units (if any) that were, under the superseded Act, applicable in relation to the person on 30 June 1976 or immediately before the person became entitled to invalidity pension (as the case may be) and the contributions that would have been paid by the person in respect of those units if they had been contributory units of pension in respect of which the person had contributed at rates based on a retiring age of 65; and

    (d) the amount of any transfer value paid by, or in