New South Wales Consolidated Acts

LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 15K

15K Election by policy holders to come under this Part

(1) Within a period of twelve months after the appointed day or within such further period as the Governor may, by proclamation published in the Gazette before the expiration of that period of twelve months, allow, a permanent servant who is the holder of a current insurance policy may in a form approved by the board:

(a) apply to surrender or to have cancelled all current insurance policies in his name and direct payment to the board of any moneys payable in respect of the surrender or cancellation,

(b) if he has any amount standing to his credit in the Provident Fund apply to have that amount transferred to the Benefits Fund for credit to his servant’s account, and

(c) elect to come under the provisions of this Part.

(1A) Within the election period, a permanent servant who is the holder of a current insurance policy may in a form approved by the board:

(a) apply to surrender or to have cancelled all current insurance policies in his name and direct payment to the board of any moneys payable in respect of the surrender or cancellation,

(b) if he has any amount standing to his credit in the Provident Fund apply to have that amount transferred to the Benefits Fund for credit to his servant’s account, and

(c) elect to come under the provisions of this Part.

(2) Subsections (1) and (1A) do not apply to a permanent servant who has at any time been exempted from the obligation to effect insurance under section 4 by virtue of paragraph (c) of subsection (1) of section 7, unless he has subsequently been informed that an insurance company will accept the risk of that insurance as mentioned in subsection (1) of section 7A.

(3) Where a person referred to in subsection (1) or (1A) becomes a contributor, the board shall upon his becoming a contributor:

(a) cause the insurance policies to be surrendered or cancelled,

(b) pay the proceeds of the surrender or cancellation to the Benefits Fund,

(c) transfer any amount standing to that person’s credit in the Provident Fund to the Benefits Fund, and

(d) credit the amounts paid or transferred under paragraph (b) or (c) to that person’s servant’s account in the Benefits Fund.

(4) A person who makes an application and election under subsection (1) becomes a contributor:

(a) where the application and election are lodged with the board on or after the first day of March and before the first day of September in any year-on the first day of October in that year, and

(b) where the application and election are lodged with the board on or after the first day of September in any year and before the first day of March in the next following year-on the first day of April in the lastmentioned year,

and shall upon that day be qualified for additional death benefits and additional disablement benefits.

(5) A person who makes an application and election under subsection (1A) becomes a contributor on a day determined by the board and shall upon that day be qualified for additional death benefits and additional disablement benefits.