14ABPower of STC to adjust benefits to comply with certain standards relating to superannuation

14AB Power of STC to adjust benefits to comply with certain standards relating to superannuation

14AB Power of STC to adjust benefits to comply with certain standards relating to superannuation

(1) (Repealed)

(2) If—

(a) a contributor or former contributor becomes entitled to receive a superannuation allowance under this Act, other than a superannuation allowance under section 7 or 10 arising from the incapacity of the contributor or former contributor, and

(b) payment of the allowance to the contributor or former contributor would, but for this subsection, not be consistent with any relevant Commonwealth superannuation standards,

the contributor or former contributor may, by notice in writing given to STC before the allowance starts to be paid, elect to receive the allowance—

(c) in a form that complies with those standards, or

(d) in a form that is in accordance with this Act (apart from this section).

(3) Even after such a superannuation allowance has started to be paid in a form that is not consistent with any relevant Commonwealth superannuation standards, the contributor or former contributor concerned is, by notice in writing given to STC, entitled to make an election or a further election to receive payment of the allowance in a form that is consistent with the relevant Commonwealth superannuation standards.

(4) An election made and notified to STC in accordance with this section is sufficient authority for STC to pay a superannuation allowance in accordance with the election of the contributor or former contributor concerned.

(5) An election under this section to receive a superannuation allowance in a form that is consistent with the relevant Commonwealth superannuation standards is irrevocable.

(6) A contributor or former contributor who does not notify STC of the election of the contributor or former contributor under this section before the superannuation allowance concerned starts to be paid is, subject to subsection (3), to be regarded as having elected to receive payment of the allowance in the form provided by this Act (apart from this section).

(7) If a contributor or former contributor makes an election under this section to receive a superannuation allowance in a form that is consistent with the relevant Commonwealth superannuation standards, STC must ensure that the allowance is varied only to the extent necessary to comply with those standards.