Elections to take up abandoned units at exit day
10Z Elections to take up abandoned units at exit day
Where an employee has an abandoned unit at the employee’s exit day, the employee may, before the expiration of one month after that day, elect to take up that unit.
Where an employee entitled to make an election under subsection (1) dies without making such an election before the expiration of the period within which, but for the employee’s death, the employee could have made the election, the employee’s spouse or de facto partner may, before the expiration of that period, make the election.
Where an election has been made under this section to take up an abandoned unit—
the contribution payable in respect of the unit shall be paid to STC within one month after the employee’s exit day or within such further period as STC may, in special circumstances, allow, and
the unit ceases to be an abandoned unit, provided the contribution is paid.
This section does not apply to or in respect of an abandoned unit unless—
pension is payable in respect of the unit, or
the former contributor elects to take the benefit of section 37.
(Repealed)
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