Superannuation Industry (Supervision) Act 1993

PART 24A - TRANSITIONAL PROVISIONS RELATING TO PRE-1 JULY 1995 AUTOMATIC ROLLOVERS OF BENEFITS BETWEEN FUNDS  

SECTION 251   RIGHTS OF BENEFICIARY TO ROLLED-OVER BENEFITS  

251(1)   [ Beneficiary's rights ]  

If a fund has paid in accordance with old Part 24 to an eligible transitional fund an amount equal to the benefits of a beneficiary in the first-mentioned fund:

(a) the beneficiary ceases to have any rights against the first-mentioned fund in respect of those benefits; but

(b) has the corresponding rights against the eligible transitional fund in respect of those benefits.

251(2)   [ Contingent rights ]  

For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first-mentioned benefits.

251(3)   [ Purpose of subsec (2) ]  

Subsection (2) is enacted for the avoidance of doubt.