Retention or payment of eligible deferred benefits
46AE Retention or payment of eligible deferred benefits
In this section—
eligible deferred benefit means a benefit deferred or preserved under this Act by or on behalf of an eligible person.
eligible person means a person who has deferred or preserved a benefit under this Act who—
has reached the retirement age, and
is not a contributor.
retirement age means the earliest age at which a benefit is payable merely because the person has reached a specified age.
An eligible person who reaches the retirement age may—
elect to retain the eligible deferred benefit in the Fund, or
elect to have the eligible deferred benefit paid or transferred to the Aware Super Fund or another complying superannuation fund, complying approved deposit fund or retirement savings account (the nominated fund or account).
STC must, on the written election of an eligible person to transfer an eligible deferred benefit, transfer the eligible deferred benefit to the trustee or provider of the nominated fund or account if STC is satisfied that the eligible person is or will be accepted as a member of the fund or account.
(Repealed)
On the transfer of an eligible deferred benefit, the person by or on behalf of whom the benefit was deferred or preserved ceases to be entitled to payment of the benefit under this Act.
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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