Document ID: chunk:federal_register_of_legislation:C1971A00046:body:0:p56
Version: federal_register_of_legislation:C1971A00046
Segment Type: other
Provision Reference: 
Character Range: 129921–132538

of that scheme, then—
     (a) subject to paragraph (c) of this sub-section, Division 3 of this Part has effect in relation to him as if that employment were public employment and that superannuation scheme were an eligible superannuation scheme;
     (b) the Board shall assign to the person administering that superannuation scheme the life policies assigned by the former contributor to the Board in accordance with sub-section (3.) of this section or issued in relation to the former contributor in accordance with sub-section (4.) of this section;
     (c) the assignment of those life policies in accordance with the last preceding paragraph shall be deemed to constitute the payment of a transfer value in respect of the former contributor in accordance with section one hundred and nineteen v of this Act to the person administering that scheme; and
     (d) the Board shall—
          (i) if the amount of any fortnightly contribution paid by the former contributor to the Fund or to the Provident Account exceeded the amount that was the prescribed amount in relation to him at the time of the payment—pay to him out of the Fund or the Provident Account, as the case may be, an amount equal to the amount of the excess; and
          (ii) pay to the Commonwealth out of the Fund or the Provident Account, as the case may be, an amount equal to the amount that, but for this Part, would have been payable to the former contributor under section fifty-one or section eighty-five of this Act less any amounts paid to him under the last preceding sub-paragraph.
"(8.) If the life policy or life policies assigned by the person to the Board in accordance with sub-section (3.) of this section or issued in relation to him in accordance with sub-section (4.) of this section becomes or become payable at or before the time when he ceased to be a contributor to the Fund or to the Provident Account—
     (a) the Board shall, out of the amount paid to it under the policy or policies—
          (i) pay to the Fund or to the Provident Account an amount equal to the amount that, but for sub-section (2.) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of sub-section (3.), or under paragraph (a) of sub-section (7.), of section one hundred and nineteen j

          of this Act together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of sub-section (1.) of section one hundred and nineteen j of this Act and ended on