11MEstablishment and operation of unitised accounts

11M Establishment and operation of unitised accounts

(1) CSC must establish and maintain the following accounts for each person who becomes a unitised member: (a) a member funded account; (b) an employer funded account. (2) CSC must also establish and maintain a member unfunded account for each of those persons who is a transferred person on 1 July 2002. (3) An account established under subrule (1) or (2) is an account of units in Investment Divisions of the Fund that are held for the member. (4) CSC must credit a unitised member’s member funded account with units representing the contributions made by the member after 30 June 2002, allocated to Investment Divisions in accordance with any current investment nomination by the member. (5) CSC must credit a unitised member’s employer funded account with units representing the contributions made by the Department after 30 June 2002, allocated to Investment Divisions in accordance with rule 11P. (6) CSC may debit a unitised member’s member funded account or employer funded account to pay amounts owed to CSC or the Commissioner of Taxation.