Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_128:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 128 (pt 1/5)
Character Range: 495061–497601

128  Payment of transfer values to CSC
 (1) If an eligible employee has been in employment (the previous employment), within or outside Australia, on the termination of which a transfer value or transfer values became payable to or in relation to him or her under a superannuation scheme applicable in relation to that employment and:
 (a) the transfer value or transfer values, as the case may be, became payable on or after 25 May 1971; and
 (b) the eligible employee elects by written notice given to CSC to pay CSC an amount (the election amount) equal to the amount of the transfer value or, if 2 or more transfer values became payable, the total of the amounts of those transfer values:
 (i) before the transfer value or transfer values, as the case may be, are paid; or
 (ii) not later than 3 months after the day on which:
 (A) the person becomes an eligible employee; or
 (B) the transfer value or transfer values, as the case may be, became payable;
  whichever is the later; or
 (iii) within such further period as CSC, in special circumstances allows; and
 (c) the election amount is, before the expiration of the period referred to in subparagraph (b)(ii) or (iii), as the case may be, paid to CSC;
then the succeeding provisions of this section have effect.
 (2) Where an amount (in this section referred to as the transferred amount) has been paid by a person to CSC under subsection (1):
 (a) so much of the transferred amount as is equal to the employee component of the transfer value, or the sum of the employee components of the transfer values, as the case may be, shall be paid by CSC into the Superannuation Fund, and, for the purposes of this Act, the amount so paid by CSC into the Superannuation Fund shall, subject to subsection (3), be deemed to be basic contributions paid by the person to CSC under this Act; and
 (b) so much of the transferred amount as is equal to the employer component of the transfer value or the sum of the employer components of the transfer values, as the case may be, shall be paid by CSC to the Commonwealth; and
 (c) so much of the transferred amount as is equal to the sum of:
 (i) the amount of any productivity related benefit within the meaning of Part VIA and interest on that amount or, if the transferred amount does not include an amount of productivity related benefit, the notional productivity amount; and
 (ii) the amount of the person's accumulated employer contributions (if any) included in a transfer value (if any) that was payable to the person under Division 3 of