22ATransfers of credits between employers of transferred contributors

22A Transfers of credits between employers of transferred contributors

22A Transfers of credits between employers of transferred contributors

(1) In this section—

transferred contributor means a contributor who ceases to be employed by an employer and becomes employed by another employer and a benefit is not paid to the contributor.

transfer value, in relation to a transferred contributor, means an amount equal to the benefit that would have been payable if the transferred contributor, on becoming employed by the new employer, had elected to make provision for a preserved benefit under section 34 (1) and the benefit provided by section 34 (5) (b) had thereupon become payable.

(2) The Board shall debit the former employer’s account with the transfer value referable to a transferred contributor and shall credit the new employer’s account with that value.

(3) For the purposes of the definition of transfer value in subsection (1) , the transferred contributor shall be deemed to have elected to make provision for a preserved benefit under section 34 (1), even though less than 3 years have elapsed since the transferred contributor’s entry date.

s 22A: Ins 1987 No 219, Sch 1 (10).