Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119j:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119J (pt 1/5)
Character Range: 333073–335514

119J  Rights of contributors who elect to pay transfer value to Board
 (1) If:
 (a) a transfer value or transfer values became payable to or in respect of the person in accordance with paragraph (a) of subsection (1) of section 119H;
 (b) the person elected before the date on which he became an employee, or elects not later than three months after that date, to pay to the Board an amount equal to the amount of that transfer value or, if two or more transfer values became payable, to the sum of the amounts of those transfer values; and
 (c) that amount has, before the expiration of that period of three months, been paid to the Board;
the succeeding provisions of this section have effect.
 (2) The Board may, if it is satisfied that there are special circumstances that justify it in so doing, extend the period for the making of an election and the payment of an amount to the Board under subsection (1).
 (3) Where the person is a contributor to the Fund:
 (a) so much of the amount paid to the Board as is equal to the employee component of the transfer value, or to the sum of the employee components of the transfer values, as the case may be, shall be paid by the Board to the Fund and, when so paid:
 (i) shall be deemed, for the purposes of this Act other than section 51 to be contributions made to the Fund by the person; and
 (ii) shall, to the extent to which it was payable to the person upon the termination of the employment in respect of which the transfer value or any of the transfer values become payable irrespective of whether he engaged in further employment, be deemed, for the purposes of section 51, to be contributions made to the Fund by the person;
 (b) the person shall be deemed, for the purposes of this Act, to have completed payment of contributions to the Fund for such number of units of pension (including, where necessary, a fraction of a unit of pension) as the Board determines to have been equivalent, as at the date on which the person became an employee, to the amount of the transfer value or the total of the amounts of the transfer values;
 (c) if at any time the number of units of pension for which the person would, but for this Division, be required to contribute to the Fund does not exceed the sum of:
 (i) the number of units of pension for which he is to be deemed by paragraph (b) to have completed payment of contributions;
 (ii) such number of units of pension (including, where