74Transfer value

#### 74 Transfer value (1) Subject to subsections (2) and (3), a reference in this Division to a transfer value payable in accordance with this Division to or in respect of a person who has ceased to be an eligible member of the Defence Force is a reference to such amount as is determined by CSC, having regard to such matters as are prescribed for the purposes of this section, to be the value of the rights of the person under this Act as at the time immediately before he ceased to be such a member. (2) If: (a) the surcharge debt account of a person who ceases to be an eligible member of the Defence Force is in debit when a transfer value becomes payable to the person; and (b) the person makes an election under subsection 124(1); the amount of the transfer value is the difference between: (c) the amount determined by CSC as provided in subsection (1); and (d) the person’s surcharge deduction amount. (3) If: (a) the surcharge debt account of a person who ceases to be an eligible member of the Defence Force is in debit when a transfer value becomes payable to the person; and (b) the person does not make an election under subsection 124(1); and (c) the person’s surcharge deduction amount exceeds the amount of the person’s productivity superannuation benefit; the amount of the transfer value is the difference between: (d) the amount determined by CSC as provided in subsection (1); and (e) the amount by which the person’s surcharge deduction amount exceeds the amount of the person’s productivity superannuation benefit.