Election for transfer value by people in relation to whom deferred benefits apply
139A Election for transfer value by people in relation to whom deferred benefits apply
Subject to subsection (1A), where a person in relation to whom deferred benefits are applicable under subsection 138(1):
is employed in public employment; and
becomes a member of an eligible superannuation scheme that is applicable to people employed in that employment;
the person may elect, by notice in writing given to CSC, that, in lieu of those deferred benefits, a transfer value in respect of the person be paid to the person administering that scheme.
Unless the Minister and CSC otherwise agree, a person:
to whom deferred benefits are applicable under subsection 138(1); and
who is a member of an eligible superannuation scheme that is applicable to persons employed in the public employment in which he or she is employed;
may not make an election under subsection (1) if the person ceased to be an eligible employee on his or her becoming a member of that superannuation scheme.
The Minister and CSC may terminate an agreement made under subsection (1A).
An agreement may not be made under subsection (1A) in relation to a person in respect of whom Part XIIIA applies.
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 the scheme, the first‑mentioned person will become entitled to retirement benefits under the scheme based upon the transfer value.
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