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(1) An employee may elect to have the accrued benefits of that employee  transferred to

(a) another account in the scheme; or

(b) An account in another master trust scheme nominated by the employee; or if the accrued benefits are held in a contribution account in a master trust scheme and the employee ceases to be employed by the participating employer concerned in the scheme. 

(2) An employee may elect to have the employee’s accrued benefits in a scheme transferred to the contribution account in the registered scheme in which the new employer is participating if  the employee who is a member of a master trust scheme  ceases to be employed by the participating employer concerned in the scheme and  subsequently becomes employed by another employer.  

(3) An election under sub regulation (1) is effective

(a) in relation to an account referred to in paragraph (a) when written notice of the election is given to the transferor trustee concerned; and

(b) In relation to an account referred to in paragraph (b) when written notice of the election is given to the transferee trustee concerned.

(4) An election under sub regulation (2) is effective when written notice of the election is given to the transferee trustee concerned or to the employee's new employer.

(5) An employer shall give written notice of the election to the transferee trustee  concerned within thirty days  after the new employer has received notice of the election

(6) The former employer shall in respect of a relevant employee inform the  approved trustee of the employee's cessation of employment and of the date on which the  employment ceased 

(a) in the remittance statement that the former employer is required to lodge with the approved trustee of the registered scheme concerned in respect of the contribution period that ends immediately following the employee's cessation of employment; or

(b) By written notice given to the approved trustee of the registered scheme concerned no later than the date on which that remittance statement is required to be lodged.

(7) An approved trustee may accept a written notice given by the employee concerned as evidence of the employee's cessation of employment and the date of cessation if the approved trustee of the registered scheme concerned is satisfied that the former employer cannot be located or refuses to comply with sub regulation (6). 

(8) A written notice given by an employee shall be in a form approved by the Authority.  

(9) Where an employee fails to give notice of an election within three months  after the approved trustee of the registered scheme concerned has been notified, by the  employee's former employer or by the employee, that the employee has ceased to be  employed by the former employer

(a) the employee shall be considered to have elected to have its accrued benefits held in the contribution account concerned in the scheme transferred to a separate preserved account in the same scheme; and

(b) The transferor trustee concerned is considered the end of that period to have been notified of the election and give notice to the employee.

(10) This regulation does not apply to an election under in Section 108 (6) of the Act or any concomitant transfer of the accrued benefits of an employee.