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Preserved benefit—defined contribution scheme.
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30.—(1) In this section—
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“appropriate contributions” shall be construed in accordance with subsections (4), (5) and (6);
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“scheme” means a defined contribution scheme.
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(2) A preserved benefit shall be provided under a scheme and it shall be such that its actuarial value at the date on which payment of it commences is equal to the accumulated value on that date of the appropriate contributions in respect of the member concerned under the scheme.
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(3) On the death of a member of a scheme who is entitled to a preserved benefit before such benefit commences to be payable, an amount shall be payable under the scheme to his personal representative in respect thereof equal to the accumulated value of the appropriate contributions under the scheme in respect of the member immediately before his death.
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(4) Subject to subsections (5) and (6), the appropriate contributions shall be the contributions paid by or in respect of the member concerned for the purposes of long service benefit from the commencement of this Part, or, if later, the date of the commencement of the relevant employment, but excluding additional voluntary contributions and any payment representing a transfer of accrued rights from another scheme.
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(5) Where a member of a scheme is entitled to additional long service benefit under the scheme by virtue of the payment of additional voluntary contributions, the appropriate contributions shall be all such contributions:
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Provided that if the member has received a refund of any such contributions paid by him prior to the commencement of this Part, the appropriate contributions shall be the contributions paid by him from the commencement of this Part.
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(6) Where additional long service benefit has been granted under a scheme to a member in respect of a transfer of accrued rights from another scheme, the appropriate contributions shall be the amount of the payment received by the trustees of the scheme in respect of such accrued rights:
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Provided that if the member has received a refund of contributions paid by him, prior to the commencement of this Part, under that scheme which were included in the rights transferred, the appropriate contributions shall be the portion of the payment received by the trustees which represented rights accrued after such commencement.
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(7) Where benefits under a scheme are secured under one or more policies of assurance, the accumulated value, on the date on which payment of preserved benefit commences, of the appropriate contributions paid by or on behalf of a member shall, for the purposes of this Part, be the proportion of the proceeds of every such policy applicable to those contributions.
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