Transfer of eligible preserved benefits and associated preserved benefits
27AD Transfer of eligible preserved benefits and associated preserved benefits
In this section—
associated preserved benefit means a benefit (other than an eligible preserved benefit) preserved by or on behalf of a person whose benefit is transferred under Part 5B of the State Authorities Superannuation Act 1987.
complying approved deposit fund means a complying approved deposit fund for the purposes of section 47 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
complying superannuation fund means a complying superannuation fund for the purposes of section 45 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
eligible preserved benefit means—
a benefit preserved under section 26I, or
any other benefit preserved under this Act before, on or after 9 December 2001 by or on behalf of a person who is not a contributor to, or who does not have a benefit preserved or deferred under, any other STC fund or scheme.
retirement savings account has the same meaning as in the Retirement Savings Accounts Act 1997 of the Commonwealth.
STC fund or scheme has the same meaning as it has in the Superannuation Administration Act 1996.
STC must, on or after 9 December 2001, transfer the amount of any eligible preserved benefit preserved in respect of a person to the trustee of the Aware Super Fund or the trustee or provider of another complying superannuation fund, complying approved deposit fund or retirement savings account nominated in writing by or on behalf of the person if STC is satisfied that the person is or will be accepted as a member of the fund or account.
STC must, on the transfer of an eligible deferred benefit to another superannuation fund, approved deposit fund or retirement savings account under Part 5B of the State Authorities Superannuation Act 1987, transfer the amount of any associated preserved benefit to the trustee or provider of the fund or account.
On the transfer of an eligible preserved benefit or an associated preserved benefit, the person in respect of whom the benefit was preserved ceases to be entitled to payment of the benefit under this Act.
If a person fails to nominate a complying superannuation fund, complying approved deposit fund or retirement savings account within the approved period, STC must transfer the eligible preserved benefit to the trustee of the Aware Super Fund.
Nothing in this Part affects any rights, liabilities or obligations of STC relating to eligible deferred benefits in existence immediately before the transfer of the benefits under this Part.
This Act’s bill:Explanatory memorandum
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