Superannuation Administration (Local Government Superannuation Scheme Transitional Provisions) Regulation 1997
32Amounts transferable on exercise of option
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32 Amounts transferable on exercise of option
32 Amounts transferable on exercise of option
(1) On the exercise by a person of a transfer option, there is payable by the trustee of the transferor scheme to the trustee of the transferee scheme:
(a) an eligible termination payment calculated in accordance with clause 33, and
(b) the difference between:
(i) the sum of the primary and supplementary amounts calculated in accordance with clauses 34 and 35, and
(ii) the eligible termination payment referred to in paragraph (a).
(2) It is the duty of scheme trustees to ensure that the payments prescribed by this clause are duly made and credited to the appropriate accounts for the employee concerned in the transferee scheme.
cl 32: Ins 1.10.1999.