Superannuation Industry (Supervision) Act 1993

PART 18 - AMALGAMATION OF FUNDS  

SECTION 147  

147   CESSATION OF RIGHTS AGAINST TRANSFEROR FUND  

If the benefits of members and beneficiaries in a transferor fund are transferred to a transferee fund under this Part:

(a) the members and beneficiaries cease to have rights against the transferor fund; and

(b) if:

(i) immediately before the transfer occurred, another person had a contingent right against the transferor fund to a death or disability benefit; and

(ii) the contingent right was derived from a member's or beneficiary's capacity as a member or beneficiary of the transferor fund;

the other person ceases to have the contingent right against the transferor fund.

To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit.