6Election by contributors to Benefits Fund to join the Fund

6 Election by contributors to Benefits Fund to join the Fund

6 Election by contributors to Benefits Fund to join the Fund

(1) Within the election period, a person who is, when he or she makes the election referred to in this subclause, a contributor to the Benefits Fund may, subject to section 55 of the Act (making of elections and applications), elect under section 11 of the Act to contribute to the Fund.

(2) An election takes effect on the first day of a month to be determined by the Board.

(3) Where an election by a person takes effect, the Board shall:

(a) transfer the amount standing to that person’s credit in the Benefits Fund to the Fund,

(b) in respect of an amount equal to the amounts (if any) transferred or paid to that person’s servant’s account in the Benefits Fund under section 15K (3) (b) or (c) or 15L (9) (a) or (c) of the earlier Act:

(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, and

(c) in respect of the balance of the amount transferred under paragraph (a):

(i) credit 40 per cent to the contributor’s account established under section 9 (1) of the Act, and

(ii) credit 60 per cent to the appropriate employer reserve established in the Fund under section 9 of the Act.

(4) A person referred to in subclause (1) who is qualified for additional death benefits and additional disablement benefits (within the meaning of Part 3B of the earlier Act) and 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.

(5) A person referred to in subclause (1) who is not qualified for additional death benefits and additional disablement benefits (within the meaning of Part 3B of the earlier Act) may, before becoming a contributor, make an application under section 12 of the Act (additional benefit) but, subject to that section, nothing prevents a person so referred to from making such an application after becoming a contributor.