(1)  This regulation applies to contributors to whom a declaration of a prescribed arrangement is expressed to apply.

(2)  Within 60 days after the commencement day specified in the declaration under regulation 59(2) , the Board must, in writing, notify the contributors to whom this regulation applies of –

(a) their entitlements under regulation 48 or, if applicable, regulation 49 and the value of the employer component of those entitlements under regulation 107 ; and

(b) the difference in the level of employer superannuation support provided under regulation 107 for entitlements calculated under this Part and the Trust Deed.

(3)  After receipt of the notification and within 6 months after the commencement day specified in the declaration under regulation 59(2) or a longer period determined by the Board, a contributor may, in writing, notify the Board and the person, organisation or prescribed authority to which the relevant services have been transferred that he or she elects not to continue as a contributor.

(4)  A notice of election under subregulation (3) is to include –

(a) a copy of the notification referred to in subregulation (2) ; and

(b) a statement to the effect that the contributor making the election has taken into account the matters referred to in that notification.

(5)  On making an election under subregulation (3) , a contributor –

(a) is taken to have ceased to be a contributor with effect from a day determined by the Board as a result of the relevant prescribed arrangement; and

(b) is entitled to a lump sum benefit calculated in accordance with regulation 48 or, if applicable, regulation 49 .

(6)  A contributor who does not make an election as mentioned in subregulation (3) is taken to remain as a contributor.