47Application of prescribed arrangements to contributors

47 Application of prescribed arrangements to contributors

(1)  This regulation applies to contributors to whom a declaration of a prescribed arrangement is expressed to apply.

(2)  Within 60 days after the commencement day specified in the declaration under regulation 46(2) , the Commission must, in writing, notify the contributors to whom this regulation applies of –

(a) their entitlements under regulation 34 or, if applicable, regulation 35 , and the value of the employer component of those entitlements under regulation 87 ; and

(b) the difference in the level of employer superannuation support provided under regulation 87 for entitlements calculated under this Part and the "charge percentage" specified in section 19(2) of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth, as amended from time to time.

(3)  After receipt of the notification and within 6 months after the commencement day specified in the declaration under regulation 46(2) or a longer period determined by the Commission, a contributor may, in writing, notify the Commission and the person or organisation to which the relevant services have been transferred that he or she elects not to continue as a contributor.

(4)  A notice of election under subregulation (3) is to include –

(a) a copy of the notification referred to in subregulation (2) ; and

(b) a statement to the effect that the contributor making the election has taken into account the matters referred to in that notification.

(5)  On making an election under subregulation (3) , a contributor –

(a) is taken to have ceased to be a contributor, with effect from a day determined by the Commission, as a result of the relevant prescribed arrangement; and

(b) is entitled to a lump sum benefit calculated in accordance with regulation 34 or, if applicable, regulation 35 .