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Public Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1986
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Turn the raw legal text into a practical explanation grounded in Public Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1986.
4 Election by insurance policy holders to join the Fund
(1) Within the election period, a person who is the holder of a current insurance policy may, subject to section 55 of the Act (making of elections and applications):
(a) apply to surrender or to have cancelled all current insurance policies in the person’s name and direct payment to the Board of any money payable in respect of the surrender or cancellation,
(b) if the person has any amount standing to the person’s credit in the Provident Fund, apply to have that amount transferred to the Fund, and
(c) elect under section 11 of the Act to contribute to the Fund.
(2) Subclause (1) does not apply to a person who has at any time been exempted from the obligation to effect insurance under section 4 of the earlier Act by virtue of section 7 (1) (c) of the earlier Act, unless the person has subsequently been informed that an insurance company will accept the risk of that insurance as mentioned in section 7A (1) of the earlier Act.
(3) An election takes effect on the first day of a month to be determined by the Board.
(4) Where an election by a person takes effect, the Board shall:
(a) cause the insurance policies to be surrendered or cancelled,
(b) pay the proceeds of the surrender or cancellation to the Fund,
(c) transfer any amount standing to the person’s credit in the Provident Fund to the Fund, and
(d) of the amounts paid or transferred under paragraph (b) or (c):
(i) credit 50 per cent to the contributor’s account established under section 9 (1) of the Act, and
(ii) credit 50 per cent to the appropriate employer reserve established in the Fund under section 9 of the Act.
(5) A person referred to in subclause (1) who becomes a transferred contributor shall:
(a) pay the death and disability levy in accordance with section 12 (6) of the Act on and from the date of transfer, and
(b) be deemed to do so pursuant to an approved application under section 12 of the Act.