Document ID: chunk:federal_register_of_legislation:C2024C00825:section:71:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 71 (pt 1/2)
Character Range: 195393–197980

71  Exchange of pension rights for equivalent rights under this Act
 (1) Any employee who has a right to a pension or superannuation allowance referred to in section 68 of this Act (not being a right to a pension under the Repatriation Act 1920‑1957 or the Repatriation (Far East Strategic Reserve) Act 1956) may at any time within twelve months after the commencement of this Act, make application to the Board to transfer that right to the Board, and to receive, in respect of the transferred right, a grant by the Board of such new rights of pension for himself, his widow, and children, as are agreed upon between himself and the Board, being new rights that are the actuarial equivalent of his transferred right.
 (1A) Where an employee has transferred his right to the Board in accordance with subsection (1), the new rights of pension shall be such as are agreed upon between himself and the Board, being new rights that are the actuarial equivalent of the transferred right as at the date of the commencement of this subsection.
 (1B) Where an employee, referred to in subsection (1), failed to transfer his right to the Board within the time specified in that subsection, he may, within twelve months after the commencement of this subsection, make application to the Board to transfer that right to the Board and to receive a grant of new rights of pension in accordance with subsection (1).
 (1C) A person, having such a right as is referred to in subsection (1), who became or becomes an employee after the commencement of this Act, may, within twelve months after the commencement of this subsection, or of the commencement of his employment, whichever is the later, make application to the Board to transfer that right to the Board and to receive a grant of new rights of pension in accordance with subsection (1).
 (1D) Where, prior to the commencement of this subsection, an employee has, in pursuance of subsection (1), transferred to the Board a right to a pension or superannuation allowance, and has received a grant of new rights of pension in respect of the transferred right, the employee may, within six months after the commencement of this subsection, elect to receive, in lieu of those new rights, a grant by the Board of the following rights of pension under this Act:
 (a) a pension for himself on retirement equal to seventy‑two and one half per centum of the pension which would have been payable to him on retirement if he had not transferred his right; and
 (b) on his death:
 (i) a pension for his widow equal to thirty‑six and one quarter per centum of