15YPayment to be made to contributor on resignation or dismissal

15Y Payment to be made to contributor on resignation or dismissal

15Y Payment to be made to contributor on resignation or dismissal

(1) If a person who is a contributor resigns or is dismissed from the employment of a prescribed employer, the board must—

(a) pay to the person—

(i) any amount credited to the person’s account in accordance with section 15K (3) or section 15L (9) (as the case requires) together with so much of any interest credited to the person’s account under section 15U (2) as is attributable to any such amount, and

(ii) in respect of the balance of the amount in the person’s account after deduction of the amount and interest (if any) referred to in subparagraph (i) that relates to contributions paid or payable before 1 July 1988—40 per cent of that amount, and

(iii) in respect of the balance of the amount and interest (if any) referred to in subparagraph (i) that relates to contributions paid or payable on or after 1 July 1988—43.96 per cent of that amount, and

(b) pay any amount remaining in the person’s account after making the payment under paragraph (a)—

(i) in the case of a prescribed employer who is a statutory health corporation or affiliated health organisation within the meaning of the Health Services Act 1997—to the appropriate employer reserve or reserves established under the State Authorities Superannuation Act 1987, or

(ii) in the case of any other prescribed employer—to that employer.

(2) This section is subject to section 15Z and does not apply to a person who is a contributor referred to in section 15V or 15X.

(3) The board must not make a payment under this section until at least 28 days after the date on which the person concerned resigned or was dismissed, unless the person has applied to the board within that period for the payment to be made.

(4) Any payment of a kind referred to in subsection (1) (b) that the board has made before the commencement of Schedule 2 to the Superannuation Legislation (Amendment) Act 1991 is validated and declared to have been as lawfully made as if this section (as substituted by that Schedule) had then been in force.