10Transferred contributors with low contribution percentages

10 Transferred contributors with low contribution percentages

10 Transferred contributors with low contribution percentages

(1) Subject to section 55 of the Act (making of elections and applications), where the contribution percentage calculated in accordance with clause 9 in relation to a transferred contributor is less than 1.5, the contributor may, before 31 December 1986, elect to cease contributing to the Fund.

(2) A transferred contributor who makes the election referred to in subclause (1):

(a) is required to make provision for a benefit provided by section 32 of the Act (preserved benefit) notwithstanding anything to the contrary in subsection (1) of that section,

(b) shall be deemed to have elected under that subsection to make provision for that benefit on the date the Board receives the election referred to in subclause (1), and

(c) is not entitled to elect to take the benefit provided by subsection (6) of that section while employed by the same employer.