Document ID: chunk:federal_register_of_legislation:C2022C00288:section:82zh:p1
Version: federal_register_of_legislation:C2022C00288
Segment Type: section
Provision Reference: s 82ZH (pt 1/6)
Character Range: 177599–180193

82ZH  Special provisions affecting former members of certain superannuation schemes
 (1) Where:
 (a) a person who becomes a contributor after the commencement of this section was, at any time before becoming a contributor, 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 the person became a contributor;
 (b) by virtue of subsection 82L(3), a transfer value is to be deemed for the purposes of Division 2 to have become payable in respect of the person after the commencement of this section under that superannuation scheme because the person was the owner of a life policy or policies of a kind referred to in that subsection, or because the person was entitled to have the rights of the owner of such a policy or policies assigned to him or her; and
 (c) the person has elected in accordance with paragraph 82R(1)(b) 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 82R(1)(b), elect that this section shall have effect in relation to him and, where an election is so made, section 82R has effect as if the amount referred to in paragraph 82R(1)(c), or, if part only of that amount relates to the transfer value referred to in subsection (1), 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 subsections 82R(3) and (4) in relation to that amount or that part of that amount, as the case may be.
 (3) An election under subsection (2) does not have effect unless the person causes to be assigned to the Board, within the period referred to in that subsection, the life policy or life policies referred to in paragraph (1)(b) free from any mortgages, charges or other encumbrances.
 (4)  If:
 (a) the annual pay of the person upon his becoming a member was greater than the annual remuneration that was payable to him in respect of the last employment in which he was employed and to which a superannuation scheme referred to in subsection (1) related; or
 (b) after the person became a member his annual pay is increased;
the Board shall so far as is practicable arrange for the amount or