10ANTransfer of credits between employers of transferred contributors

10AN Transfer of credits between employers of transferred contributors

10AN Transfer of credits between employers of transferred contributors

Whenever—

(a) a contributor ceases to be employed by an employer and becomes employed by another employer, and

(b) the contributor continues to be a contributor under this Act,

STC must, as soon as practicable after the contributor begins the later employment—

(c) debit the employer reserve of the former employer with the actuarially calculated transfer value referable to the contributor, and

(d) credit the employer reserve of the new employer with that value.

s 10AN: Ins 1988 No 133, Sch 2 (3). Am 1996 No 39, Sch 4.