Disposal of transfer values otherwise than in payment of benefits
11 Disposal of transfer values otherwise than in payment of benefits
Where a person, being an elector on whose account a transfer value has been paid to the administrators of an approved superannuation scheme—
has ceased to contribute to that scheme by reason of ceasing employment or, as the case may be, ceasing to be a member of the Legislative Assembly; and
has not thereupon again become an elector;
and the transfer value has not been so regarded and applied as to increase the benefits or rates of benefits as prescribed by section 10, there shall be paid to that person out of the fund of that approved superannuation scheme an amount determined by the actuary and approved by the administrators of the fund, having regard to the amount of benefit entitlement that would have been payable to that person by reason of ceasing to be a contributor to the approved superannuation scheme in which the person has elected under this part to forgo his or her entitlement or the eligible superannuation scheme in which the person has, under an authorisation other than this part, forgone his or her entitlement, if the person had not so elected or had not forgone his or her entitlement, as the case may be, and the transfer value had not been paid to the administrators aforesaid.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.