Contributor entitled to immediate payment of deferred benefit after ceasing to contribute
3 Contributor entitled to immediate payment of deferred benefit after ceasing to contribute
A contributor who has a deferred benefit is entitled to be paid a benefit under section 43 (6) when or at any time after the contributor ceases to contribute to the Fund, if STC is satisfied that the benefit is to be paid or applied in accordance with subclause (2).
The benefit is to be paid or applied as follows—
to another superannuation fund approved by STC,
to an approved deposit fund approved by STC,
to purchase a deferred annuity.
A contributor is entitled to be paid the benefit under this clause despite any provision of section 43.
Nothing in this clause affects any other entitlement of a contributor to payment of a benefit under section 43 (6).
In this clause—
approved deposit fund means an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
deferred annuity means a deferred annuity within the meaning of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
This Act’s bill:Explanatory memorandum
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