Superannuation Act 1922

Any employee referred to in section 68, who:

has any right, referred to in the last preceding section, which is, under section 71 or 72 commutable for new rights in respect of a less number of units than would be applicable under this Act;

For the purpose of determining such less number of units (including where necessary a fraction of a unit) the new rights shall be the actuarial equivalent of the rights specified in section 68, and, in calculating that actuarial equivalent, all the benefits provided by this Act shall be taken into account.

If an employee elects under subsection (1), to come under this Act for the purpose of the difference, this Act shall, for the purpose of that difference, apply as if he were an employee not having any rights under section 68, subject to the following qualifications:

the contributions shall not be in respect of more than the difference;

for the purpose of the adjustment of the difference, the contributions shall, where necessary, be in respect of a fraction of a unit; and

the contributions shall be payable as from the date of the election.

For the purposes of this section the difference means the difference between the actuarial value, as at the date an employee comes under this Act, of the benefits by way of pension or retiring allowance to which the employee is then entitled by virtue of his rights under some other Act or State Act and the benefits which would, were he not entitled to those rights, be applicable, from time to time, under this Act.

Notwithstanding anything in the preceding provisions of this section, an employee is not entitled to make an election under subsection (1) after 31 July 1976, and any election made after the pay‑day last preceding 1 July 1976 and on or before 31 July 1976 shall be deemed to have been made on that pay‑day.