Superannuation Act 1922

Where a person in relation to whom deferred benefits are applicable under subsection (1) of section 119W:

is or becomes employed in public employment; and

is or becomes a member of an eligible superannuation scheme that is applicable to persons employed in that employment;

Where a person to whom deferred benefits are applicable and who is or becomes a member of an eligible superannuation scheme makes an election under subsection (1) for the payment of a transfer value in respect of the person in lieu of those deferred benefits, a transfer value in respect of the person is payable to the person administering that scheme.

Where a transfer value in respect of a person in lieu of deferred benefits applicable in relation to that person is paid under subsection (2), those deferred benefits cease to be applicable in relation to that person.

Notwithstanding subsection (2), a transfer value is not payable under that subsection in respect of a person in lieu of deferred benefits that are applicable in relation to that person if at any time after those deferred benefits first became so applicable they have been payable to the person.

Notwithstanding subsection (2), a transfer value in respect of a person is not payable under that subsection to the person administering an eligible superannuation scheme unless the person administering the superannuation scheme agrees to accept the transfer value and, under the rules of that scheme, the first‑mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.

Nothing in this section shall be taken, by implication, to preclude a person to whom different deferred benefits are applicable by reason of the person’s having made more than one election under section 119U from making more than one election under subsection (1).