Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119v
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119V
Character Range: 390118–391200

119V  Circumstances in which transfer value payable
 (1) Subject to this Division, where:
 (a) a person makes an election under section 119U; and
 (b) within the period that is the prescribed period in relation to him, he:
 (i) becomes employed in public employment; and
 (ii) becomes a member of an eligible superannuation scheme that is applicable in relation to persons employed in that employment;
a transfer value in respect of the person is payable to the person administering that scheme.
 (2) Where the person who made the election is a person who ceased to be a contributor to the Provident Account by reason of his having been allowed by the Board to contribute to the Fund under Part III, the transfer value referred to in subsection (1) is payable to the Fund.
 (3) Subsection (1) does not apply in relation to a person unless the person administering the superannuation scheme agrees to accept the transfer value and, under the rules of the scheme, the first‑mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.