sec.10Receipt and application of transfer values

### sec.10 Receipt and application of transfer values The administrators of an approved superannuation scheme shall place to the credit of the fund administered by them every transfer value received by them and thereupon that fund shall become and be liable, to the exclusion of every other fund, in respect of all benefits under the approved superannuation scheme of which it is the fund derived by reason of the payment and receipt of the transfer value. Subject to subsections (3) and (4) , every transfer value credited to the fund of an approved superannuation scheme shall be so regarded and applied as— to increase the benefits or rates of benefits that would have been payable under the scheme in respect of the elector on whose account the transfer value was paid had the transfer value not been paid; or to vary the method of determining the benefits or rates of benefits payable in respect of the elector on whose account the transfer value was paid so as to increase the benefits or rates of benefits as specified in paragraph (a) ; as is determined by the administrators of the approved superannuation scheme after consultation with the actuary. The total benefits or rates of benefits payable in respect of the elector on whose account the transfer value was paid shall not exceed the maximum benefits or rates of benefits payable to other contributors to the approved superannuation scheme in accordance with the scheme’s provisions. Where a transfer value has been credited to the fund established and kept under the Superannuation (State Public Sector) Act 1990 in relation to a transferring member within the meaning of repealed section 32A of that Act— the amount of the transfer value shall not be taken into account for the purpose of assessing sums payable into the fund by the Treasurer; and the transfer value shall not be so regarded or applied as to increase the benefits or vary the method of determining the benefits payable to a member who ceases to be a member of the Legislative Assembly before attaining the age of 60 years except where— the member ceases to be a member by reason of death; or the member ceases to be a member by reason of ill health and has a pension entitlement under that Act. s 10 amd 2007 No. 7 s 37 ; 2016 No. 64 s 79 sch 1 (sec.10-ssec.1) The administrators of an approved superannuation scheme shall place to the credit of the fund administered by them every transfer value received by them and thereupon that fund shall become and be liable, to the exclusion of every other fund, in respect of all benefits under the approved superannuation scheme of which it is the fund derived by reason of the payment and receipt of the transfer value. (sec.10-ssec.2) Subject to subsections (3) and (4) , every transfer value credited to the fund of an approved superannuation scheme shall be so regarded and applied as— to increase the benefits or rates of benefits that would have been payable under the scheme in respect of the elector on whose account the transfer value was paid had the transfer value not been paid; or to vary the method of determining the benefits or rates of benefits payable in respect of the elector on whose account the transfer value was paid so as to increase the benefits or rates of benefits as specified in paragraph (a) ; as is determined by the administrators of the approved superannuation scheme after consultation with the actuary. (sec.10-ssec.3) The total benefits or rates of benefits payable in respect of the elector on whose account the transfer value was paid shall not exceed the maximum benefits or rates of benefits payable to other contributors to the approved superannuation scheme in accordance with the scheme’s provisions. (sec.10-ssec.4) Where a transfer value has been credited to the fund established and kept under the Superannuation (State Public Sector) Act 1990 in relation to a transferring member within the meaning of repealed section 32A of that Act— the amount of the transfer value shall not be taken into account for the purpose of assessing sums payable into the fund by the Treasurer; and the transfer value shall not be so regarded or applied as to increase the benefits or vary the method of determining the benefits payable to a member who ceases to be a member of the Legislative Assembly before attaining the age of 60 years except where— the member ceases to be a member by reason of death; or the member ceases to be a member by reason of ill health and has a pension entitlement under that Act. - (a) to increase the benefits or rates of benefits that would have been payable under the scheme in respect of the elector on whose account the transfer value was paid had the transfer value not been paid; or - (b) to vary the method of determining the benefits or rates of benefits payable in respect of the elector on whose account the transfer value was paid so as to increase the benefits or rates of benefits as specified in paragraph (a) ; - (a) the amount of the transfer value shall not be taken into account for the purpose of assessing sums payable into the fund by the Treasurer; and - (b) the transfer value shall not be so regarded or applied as to increase the benefits or vary the method of determining the benefits payable to a member who ceases to be a member of the Legislative Assembly before attaining the age of 60 years except where— (i) the member ceases to be a member by reason of death; or (ii) the member ceases to be a member by reason of ill health and has a pension entitlement under that Act. - (i) the member ceases to be a member by reason of death; or - (ii) the member ceases to be a member by reason of ill health and has a pension entitlement under that Act. - (i) the member ceases to be a member by reason of death; or - (ii) the member ceases to be a member by reason of ill health and has a pension entitlement under that Act.