Document ID: chunk:federal_register_of_legislation:C1971A00046:body:0:p54
Version: federal_register_of_legislation:C1971A00046
Segment Type: other
Provision Reference: 
Character Range: 125192–127826

Special provisions affecting former contributors under certain superannuation schemes.

"Division 4.—Miscellaneous.
"119zc.—(1.) Where—
     (a) a person who becomes an employee after the commencement of this section was, at any time before becoming an employee, a member of—
          (i) a superannuation scheme conducted in accordance with the system established in the United Kingdom of Great Britain and Northern Ireland and known as the Federated Superannuation System for Universities; or
          (ii) a superannuation scheme that was, or is to be deemed to have been, an approved superannuation scheme for the purposes of this section at the time when he became an employee;
     (b) by virtue of sub-section (3.) of section one hundred and nineteen d of this Act, a transfer value is to be deemed for the purposes of Division 2 of this Part to have become payable in respect of him after the commencement of this section under that superannuation scheme by reason of his having the legal title to a life policy or life policies of a kind referred to in that sub-section or by reason of his being entitled to have the legal title to such a policy or policies assigned to him; and
     (c) he has elected in accordance with paragraph (b) of sub-section (1.) of section one hundred and nineteen j of this Act to pay to the Board an amount equal to the amount of that transfer value,
the succeeding provisions of this section have effect.
"(2.) The person may, within the period within which he was entitled to make an election under paragraph (b) of sub-section (1.) of section one hundred and nineteen j of this Act, elect that this section shall have

effect in relation to him and, where an election is so made, section one hundred and nineteen j of this Act has effect as if the amount referred to in paragraph (c) of sub-section (1.) of that section, or, if part only of that amount relates to the transfer value referred to in the last preceding sub-section, that part of that amount, had been paid to the Board in accordance with that paragraph and the Board had made the payments referred to in paragraph (a) of sub-section (3.), and sub-sections (7.) and (8.), of that section in relation to that amount or that part of that amount, as the case may be.
"(3.) An election under the last preceding sub-section does not have effect unless the person causes to be assigned to the Board, within the period referred to in that sub-section, the life policy or life policies referred to in paragraph (b) of sub-section (1.) of this section free from any mortgages, charges or other encumbrances.
"(4.) If—
     (a) the salary