(1)  If a contributor has provided to the Commission a written release from any further liability to the person under these regulations –

(a) the Commission may exempt him or her from contributing to the Fund; and

(b) if the Commission grants to the contributor an exemption from contributing, the release takes effect on the Commission giving effect to the exemption.

(2)  If a married female permanent employee –

(a) commenced continuous employment in an Agency before 1 July 1982; and

(b) is a contributor to the Fund –

that employee may, by notice in writing to the Commission, elect not to continue to contribute to the Fund and, if the Commission grants to the contributor an exemption from contributing, the employee is exempted from contributing to the Fund accordingly.

(3)  A contributor who ceases to be a permanent employee but remains employed in a temporary capacity may, by notice in writing to the Commission, elect to exempt himself or herself from contributing to the Fund.

(4)  If a contributor to whom subregulation (1) , (2) or (3) applies is granted by the Commission an exemption from contributing, the contributor ceases to be a contributor on the day on which the exemption is granted and he or she is entitled to an amount equal to the lump sum benefit, as provided in regulation 38 , to be distributed as follows:

(a) five-sevenths, or any other proportion that the Minister, on the advice of the Actuary, determines, of the lump sum benefit that would have been payable if that contributor had always contributed at the basic contribution rate is to be transferred to an account established under regulation 48 in the name of that contributor;

(b) the balance is to be transferred –

(i) to an account, in the name of the contributor, in a complying superannuation scheme elected by the contributor; or

(ii) if an election is not made under subparagraph (i) within a reasonable period determined by the Commission – to the Taxation Commissioner to be dealt with under the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth.