71Exchange of pension rights for equivalent rights under this Act

#### 71 Exchange of pension rights for equivalent rights under this Act (1) Any employee who has a right to a pension or superannuation allowance referred to in section 68 of this Act (not being a right to a pension under the Repatriation Act 1920‑1957 or the Repatriation (Far East Strategic Reserve) Act 1956) may at any time within twelve months after the commencement of this Act, make application to the Board to transfer that right to the Board, and to receive, in respect of the transferred right, a grant by the Board of such new rights of pension for himself, his widow, and children, as are agreed upon between himself and the Board, being new rights that are the actuarial equivalent of his transferred right. (1A) Where an employee has transferred his right to the Board in accordance with subsection (1), the new rights of pension shall be such as are agreed upon between himself and the Board, being new rights that are the actuarial equivalent of the transferred right as at the date of the commencement of this subsection. (1B) Where an employee, referred to in subsection (1), failed to transfer his right to the Board within the time specified in that subsection, he may, within twelve months after the commencement of this subsection, make application to the Board to transfer that right to the Board and to receive a grant of new rights of pension in accordance with subsection (1). (1C) A person, having such a right as is referred to in subsection (1), who became or becomes an employee after the commencement of this Act, may, within twelve months after the commencement of this subsection, or of the commencement of his employment, whichever is the later, make application to the Board to transfer that right to the Board and to receive a grant of new rights of pension in accordance with subsection (1). (1D) Where, prior to the commencement of this subsection, an employee has, in pursuance of subsection (1), transferred to the Board a right to a pension or superannuation allowance, and has received a grant of new rights of pension in respect of the transferred right, the employee may, within six months after the commencement of this subsection, elect to receive, in lieu of those new rights, a grant by the Board of the following rights of pension under this Act: (a) a pension for himself on retirement equal to seventy‑two and one half per centum of the pension which would have been payable to him on retirement if he had not transferred his right; and (b) on his death: (i) a pension for his widow equal to thirty‑six and one quarter per centum of the pension which would have been payable to him if he had not transferred his right to the Board and had retired immediately prior to his death; and (ii) a pension for each of his children who are under the age of sixteen years, at the rate of $26 per annum, until the age of sixteen has been attained. (1E) Where, at the commencement of this subsection, a person is in receipt of a pension under this section and the amount of the pension is less than it would have been if it had been calculated in accordance with subsection (1D), that pension shall, as from the commencement of this subsection, be increased to an amount calculated in accordance with subsection (1D), and the amount of any pension payable on his death for his widow or children, or for both, shall be calculated in accordance with subsection (1D). (2) Where any agreement is made under this section, the employee shall contribute to the Fund to the extent to which he was contributing in respect of his right prior to its being transferred under this section. (3) Notwithstanding anything in the preceding provisions of this section, an employee is not entitled to make an application under subsection (1C) after 31 July 1976 and: (a) any application made under that subsection on or after 1 July 1976 and on or before 31 July 1976 shall be made to the Commissioner for Superannuation and this section shall have effect in relation to the application as if references in this section to the Board were references to the Commissioner for Superannuation; and (b) any application made under that subsection after the pay‑day last preceding 1 July 1976 and on or before 31 July 1976 shall be deemed to have been made on that pay‑day.