Compulsory preservation of benefits after changeover day
Current
Part 4—Pensions and benefits
Division 3D—Compulsory preservation of benefits
52YCompulsory preservation of benefits after changeover day
(1)
STC must, when a pension or lump sum becomes payable under this Act (including a benefit provided under Division 3A or 3B), preserve all or so much of the pension or lump sum as is required to be preserved so as to be consistent with a relevant Commonwealth superannuation standard.
(2)
For the purpose of preserving a benefit under this section, STC must convert to a lump sum so much of a pension as is required to be preserved. The remainder of the pension is to be dealt with as otherwise required or permitted by or under this Act.
(3)
The amount of the benefit to be preserved in respect of a contributor or former contributor for the purpose of this section is as determined by STC, after obtaining actuarial advice.
(4)
The amount of a benefit that must be preserved for the purposes of subsection (1) is to be preserved in the Fund and is to be adjusted, having regard to any adjustment of the appropriate reserve under section 8 or is to be preserved under section 52AA.
