4ATransfer value payable in respect of previous employment

4A  Transfer value payable in respect of previous employment  (1) In this Act:  (a) a reference, in relation to a member, to a transfer value payable to or in respect of the member under a superannuation scheme applicable in relation to any employment in which he or she was employed at any time before the date on which he or she became a member is a reference to a benefit by way of a lump sum payable to or in respect of the member under that scheme upon the termination of the employment otherwise than on the ground of invalidity or of physical or mental incapacity to perform the duties of the employment, being a benefit that was based wholly upon contributions under the scheme by the employer or was based partly upon such contributions and partly upon contributions under the scheme by the member; and  (b) a reference to the amount of a transfer value:  (i) if the transfer value was based in part upon an amount or amounts paid to or in respect of the member under this Act—is a reference to so much only of the lump sum constituting the transfer value as exceeded that amount or the total of those amounts; and  (ii) does not include a reference to any part of the lump sum constituting the transfer value that was based upon contributions by the member that were, or were of a similar nature to, contributions under the Superannuation Act 1922 for reserve units of pension or contributions under section 48 of the Superannuation Act 1976; and  (iii) does not include a reference to any part of the lump sum constituting the transfer value that was based upon any excess contribution multiple within the meaning of the Superannuation Act 1990 of the member.  (2) If, after a transfer value became payable to or in respect of a person under a superannuation scheme, the whole or any part of that transfer value was paid to a person administering another superannuation scheme:  (a) where the whole of the transfer value was so paid—that transfer value shall be disregarded for the purposes of this Act; or  (b) where part of the transfer value was so paid—the amount of that transfer value shall be deemed, for the purposes of this Act, to be reduced by the amount so paid.  (3) Subject to subsection (4), a transfer value shall be deemed for the purposes of this Act to have become payable in respect of a person under a superannuation scheme upon the termination of any employment if, upon the termination of that employment, the person was the owner of a life policy, or was entitled to have the rights of the owner of a life policy assigned to him or her, being a policy the premiums for which were, while the person was employed in that employment, paid in whole or in part by the person’s employer, and, in that case, the surrender value of the policy as at the date of the termination of the employment shall be taken to be the amount of the transfer value.  (4) Where a transfer value is, by virtue of subsection (3), deemed for the purposes of this Act to have become payable in respect of a person upon the termination of any employment by reason that, upon the termination of that employment, the person was the owner of a life policy, or was entitled to have the rights of the owner of a life policy assigned to him or her, a transfer value shall not be deemed, for those purposes, to have become payable in respect of the person upon the termination of any previous employment by reason that, upon the termination of that previous employment, the person was the owner of that policy, or was entitled to have the rights of the owner of that policy assigned to him or her.