New South Wales Consolidated Acts

STATE AUTHORITIES NON-CONTRIBUTORY SUPERANNUATION ACT 1987 - SECT 24

24 Benefit to be preserved

(1) The basic benefit in respect of a person and any Commonwealth co-contribution benefit in respect of the person must be preserved by STC if the basic benefit is not otherwise payable under this Act.

(1A) A Commonwealth co-contribution received by STC in respect of a former employee while a basic benefit is preserved by STC in respect of the former employee must be preserved by STC and is taken to be a preserved Commonwealth co-contribution benefit.

(1B) Any existing preserved Commonwealth co-contribution benefit in respect of a former employee is to be increased by the amount of a Commonwealth co-contribution preserved under subsection (1A) in respect of the former employee.

(2) The basic benefit and any Commonwealth co-contribution benefit must also be preserved by STC when:

(a) an executive officer who is an optional member of the First State Superannuation Fund ceases to be a contributor to any other superannuation scheme established by or under an Act, or

(b) an executive officer who is not a member of any other superannuation scheme established by or under an Act becomes a member of the First State Superannuation Fund, or

(c) an employee becomes eligible under another superannuation scheme for a benefit that is of the same kind as a benefit provided by this Act and STC has not been requested to pay the benefit to another superannuation scheme.

(4) When the preserved basic benefit and any preserved Commonwealth co-contribution benefit is to be paid out by STC, it is payable:

(a) if the former employee has not died-to the former employee, or

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

(c) if the former employee has died and is not survived by a spouse or de facto partner-to the personal representatives of the former employee or, if appropriate, in accordance with section 31 (Payment without grant of probate etc).