New South Wales Consolidated Acts

POLICE REGULATION (SUPERANNUATION) ACT 1906 - SECT 5J

5J Payment of conversion benefit

(1) If a person makes a conversion election in accordance with this Part, STC must, as soon as practicable after being notified that the conversion election has taken effect, pay the amount of the conversion benefit payable but not paid in respect of the person to FTC.

(2) STC is liable to pay interest, at a rate determined by the Treasurer, on any outstanding amount of a conversion benefit not paid to FTC on the conversion date for the contributor concerned.

(3) STC may meet the requirement to pay an amount under this section by transferring assets equivalent to the value of that amount or by paying part of the amount and transferring assets of the value of the remaining amount payable.

(4) FTC must credit the amount of the conversion benefit, and any interest payable under this section, to an account to be established to the credit of the person in the First State Superannuation Fund established under the First State Superannuation Act 1992 , or to any existing account of the person under that Act.

(5) Duty under the Duties Act 1997 is not payable in respect of the transfer of any assets by STC to FTC under this section.