New South Wales Consolidated Acts

STATE AUTHORITIES SUPERANNUATION ACT 1987 - SECT 35

35 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 who does not apply for payment of a benefit under this Act in respect of the former employment.
"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 deferred benefit under section 43 (1) and the benefit provided by section 43 (6) (b) had thereupon become payable.

(2) STC shall debit the employer reserve of the former employer with the transfer value referable to a transferred contributor and shall credit the employer reserve of the new employer with that value.