Superannuation Act 1976

Subject to subsections (1AA) and (1A), the amount of any transfer value payable under this Division to or in respect of a person who has ceased to be an eligible employee is an amount equal to the sum of:

3½ times the amount of the person’s accumulated basic contributions; and

the amount of the person’s accumulated employer contributions (if any); and

the amount of the person’s accumulated supplementary contributions (if any); and

the amount of benefit (if any) payable in respect of the person under Part VIAB; and

the amount of benefit (if any) payable in respect of the person under Subdivision B of Division 2 of Part IX.

If, when a transfer value becomes payable under this Division to or in respect of a person who has ceased to be an eligible employee, the person’s surcharge debt account is in debit, the amount of the transfer value is an amount equal to the difference between:

the amount that would be payable to or in respect of the person under subsection (1) if this subsection did not apply to the person; and

the person’s surcharge deduction amount.

The amount of any transfer value payable under this Division to, or in respect of, a person who is a former eligible employee with benefits from previous employment is such amount as is determined by CSC having regard to:

the amount that would be payable to the person under subsection (1) or (1AA) (as the case may be) if this subsection did not apply to the person; and

the amount of any transfer value paid by, or in respect of, the person to the Superannuation Board or the Commissioner for Superannuation under the superseded Act; and

the number of non‑contributory units (if any) that were, under the superseded Act, applicable in relation to the person on 30 June 1976 or immediately before the person became entitled to invalidity pension (as the case may be) and the contributions that would have been paid by the person in respect of those units if they had been contributory units of pension in respect of which the person had contributed at rates based on a retiring age of 65; and

the amount of any transfer value paid by, or in respect of, the person to CSC under this Act.

Where a transfer value becomes payable in accordance with this Division to or in respect of a person who has ceased to be an eligible employee and to whom section 54 applied and:

at the time when he or she ceased to be an eligible employee, he or she had not ceased to be an eligible member of the Defence Force as defined by subsection 3(1) of the Defence Force Retirement and Death Benefits Act; or

at the time when the transfer value becomes payable, a transfer value also becomes payable in respect of him or her under Division 3 of Part IX of that Act;