New South Wales Consolidated Acts

POLICE REGULATION (SUPERANNUATION) ACT 1906 - SECT 5B

5B Contributor who is executive officer

(1) When a contributor becomes an executive officer, the contributor must:

(a) elect to continue to contribute to the Fund, or

(b) elect to make provision for a benefit provided by section 9B (6) or (6AA).

(2) If a contributor fails to make an election under subsection (1) within 2 months of being required to make that election, the contributor is, for the purposes of this section, to be taken to have elected to continue to contribute to the Fund.

(3) Nothing in this Act prevents a contributor who elects to continue to contribute to the Fund from also contributing to the First State Superannuation Fund or another superannuation scheme and such a contributor is entitled to benefits in accordance with this Act despite being a member of that Fund or another scheme.

(4) If a contributor elects to continue to contribute to the Fund, the contributor may, at any time thereafter while being an executive officer, elect to make provision for a benefit provided by section 9B (6) or (6AA).

(5) A contributor who elects, under this section, to make provision for a benefit provided by section 9B (6) or (6AA):

(a) may elect to make provision for the benefit even though he or she would not (but for this section) be entitled to make that election, and

(b) is not entitled to a benefit payable under any other provision of this Act, and

(c) is not entitled to elect to take the benefit provided by section 9B (9), and

(d) except as provided by subsection (6), is not entitled to be paid the benefit provided by section 9B (6) or (6AA) until on or after first ceasing to be employed in the NSW Police Force after making the election and unless there exist the circumstances set out in section 9B (3), and

(e) may elect at any time before the benefit is paid to have the benefit paid to the credit of the contributor in the First State Superannuation Fund or another complying superannuation fund, a complying approved deposit fund or a retirement savings account.

(6) If a contributor makes an election under subsection (5) (e), STC must, as soon as practicable after the election is made, pay to the trustee or provider of the nominated fund or account the amount of the benefit provided by section 9B (6) or (6AA) to which the contributor is entitled under subsection (7) or (7A).

(7) If the contributor referred to in subsection (6) has not attained the age of 55 years on making an election under subsection (5) (e), the benefit to which the contributor is entitled is the greater of the amounts calculated in accordance with the following formulae:

(a)

(b)

"L" represents the amount to be calculated.
"B" represents the amount that would be payable under section 17 if, at the date of the election under subsection (5) (e), the contributor had resigned (but without interest as provided by that section).
"E" represents the lump sum that would have been payable if the contributor:

(a) were to continue as a member of the police force until attaining the age of 55 years at the same attributed salary of office as at the date the contributor makes the election under this section, and

(b) had always worked as a full-time member of the police force, and

(c) were to commute the superannuation allowance otherwise payable to the contributor.

"S" represents the total number of months of both full-time and part-time service that has been completed by the contributor.
"P" represents the additional months of full-time service that the contributor would have completed if he or she were to continue as a full-time member of the police force until the age of 55 years.
"A" represents the age in years of the contributor (including fractions of a year on the basis of completed months) at the date on which the contributor becomes a member of the First State Superannuation Fund.
"ESR" represents the equivalent service ratio of the contributor as at the date of the contributor’s election.

(7A) If the contributor referred to in subsection (6) has attained the age of 55 years on making an election under subsection (5) (e), the benefit to which the contributor is entitled is the lump sum benefit that would be payable if the contributor:

(a) had become entitled to the allowance prescribed by section 7 (1) or section 7AA (2) (whichever is applicable), and

(b) had elected to commute the whole of the allowance in accordance with section 14J (3).

(8) If a contributor makes an election under subsection (1) (b) or (4) within 12 months after being:

(a) appointed as a police executive officer, or

(b) nominated as an office holder for the purposes of section 11A of the Statutory and Other Offices Remuneration Act 1975 ,

the salary of the contributor, for the purpose of determining the amount of the benefit to which the election relates, is to be taken to be his or her salary immediately before that appointment or nomination took effect.

(9) In this section:
"complying approved deposit fund" means a complying approved deposit fund for the purposes of section 47 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"complying superannuation fund" means a complying superannuation fund for the purposes of section 45 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"retirement savings account" has the same meaning as in the Retirement Savings Accounts Act 1997 of the Commonwealth.