New South Wales Consolidated Acts

POLICE REGULATION (SUPERANNUATION) ACT 1906 - SECT 9C

9C Preservation of minimum benefits under superannuation guarantee legislation

(1) Benefit to be preserved Despite any other provision of this Act, STC may, when a superannuation allowance or lump sum becomes payable under this Act, preserve all or part of so much of the allowance or lump sum as is employer-financed for the purpose of being consistent with a relevant Commonwealth superannuation standard. The amount of the allowance or lump sum to be preserved in respect of a former member of the police force for the purpose of this section is as determined by STC after obtaining actuarial advice.

(2) Preservation in Fund The amount is to be preserved in the Fund together with interest from the member’s exit date to the date of payment at a rate determined by STC.

(3) Benefit may be commuted For the purpose of preserving a benefit under this section STC may commute to a lump sum so much of the superannuation allowance as is employer-financed, up to the amount determined by STC to be equal to the amount that is required to be preserved. The remainder of the superannuation allowance is to be dealt with as otherwise required or permitted by this Act.

(4) Payment of preserved benefit A benefit preserved under this section is payable by STC on the death of the former member or in the circumstances in which it is specified in a relevant Commonwealth superannuation standard that a preserved benefit must or may be paid.

(5) Persons to whom benefit is payable A benefit provided by subsection (4) is payable:

(a) unless the former member has died-to the former member, or

(b) if the former member has died and is survived by a spouse or de facto partner-to the surviving spouse or de facto partner, or

(c) if the former member has died and is not survived by a spouse or de facto partner-to the personal representatives of the former member or, if appropriate, in accordance with section 18B (Payment without grant of probate etc).