Document ID: chunk:federal_register_of_legislation:F2011C00507:reg:80:p1
Version: federal_register_of_legislation:F2011C00507
Segment Type: reg
Provision Reference: reg 80 (pt 1/2)
Character Range: 8488–11272

80           Omit from subsection (1) 'the person is entitled', substitute 'then, unless the person is entitled to benefit under section 197 or 201, the person is entitled'
             Insert in Division 5 of Part V after section 80 the following:
             '80AB (1) Where:
                    (a) a person made an election and payment to the Superannuation Board (being the Superannuation Board constituted by the superseded Act) under subsection 119J (1) of the superseded Act in connection with his becoming an employee for the purposes of that Act (whether or not he had previously made another such election and payment); and
                    (b) that person did not thereafter, at any time before the commencing day, cease to be an employee for the purposes of that Act,
                 the succeeding provisions of this section have effect in relation to that person.
                 '(2) A reference in subsection 62 (2), 62 (2A), 69 (2), 72 (2) or 73 (2) to the accumulated basic contributions of a person shall be read as a reference to the amount by which the amount that, but for this subsection, would be his accumulated basic contributions exceeds the sum of:
                    (a) an amount equal to:
                        (i) except where subparagraph (ii) applies — the employee component of the transfer value an amount equal to the amount of which was so paid by him to the Superannuation Board under subsection 119J (1) of the superseded Act; or
                        (ii) if the amount so paid by him to the Superannuation Board under subsection 119J (1) of the superseded Act was equal to the sum of the amounts of 2 or more transfer values — the sum of the employee components of those transfer values; and
                    (b) interest (compounded each year on 30 June) on the amount ascertained in accordance with paragraph (a) calculated:
                        (i) in respect of the period that commenced on the date on which the amount was so paid to the Superannuation Board under subsection 119J (1) of the superseded Act and ended immediately before the commencing day — at the rate applicable at the relevant time under subsection 90 (3) of that Act; and
                        (ii) in respect of the period that commenced on the commencing day and ended when the person ceased to be an eligible employee — at the rate applicable at the relevant time under a determination made by CSC under subsection 154A (1).
                 '(3) Where that person is entitled to payment of a lump sum benefit under subsection 62 (2), 62 (2A), 69 (2), 72 (2) or 73 (2), there is payable to him, in addition to that lump sum benefit, a lump sum benefit of an amount equal to the amount so paid by him to the Superannuation Board under subsection