New South Wales Consolidated Acts

SUPERANNUATION ACT 1916 - SECT 20AB

20AB 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 Division 3A of Part 4.

(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 Division 3A of Part 4.

(5) A contributor who elects, under this section, to make provision for a benefit provided by Division 3A of Part 4:

(a) may elect to make provision for the benefit even though he or she has not completed 3 years’ continuous contributory service, 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 52I, and

(d) except as provided by subsection (6), is not entitled to be paid the benefit provided by Division 3A of Part 4 until on or after first ceasing to be an employee after making the election and unless there exist the circumstances in which a person referred to in section 52A (1) is entitled to be paid a benefit under that Division, 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, complying approved deposit fund or 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 Division 3A of Part 4 to which the contributor is entitled under subsections (7) and (8).

(7) For the purposes of subsection (6), the benefit to which the contributor is entitled is an amount equal to the actuarially calculated lump sum value of the benefit provided by Division 3A of Part 4 on ceasing to be a contributor.

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

(a) appointed as a chief executive officer or senior executive officer or 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.