5DConversion election

5D Conversion election

5D Conversion election

(1) A contributor may make a conversion election.

(2) A conversion election is an election—

(a) to make provision for the conversion benefit, and

(b) to cease to be a contributor and become a full member of the Aware Super Fund, and

(c) to pay the conversion benefit to the credit of the contributor in the Aware Super Fund.

(3) If a contributor is an executive officer, the conversion election must nominate an amount of salary or wages of the officer for the purposes of the Aware Super Act 1992.

(4) If a contributor fails to make a conversion election on or before the last date for making an election specified in the conversion notice sent to the contributor, or purports to make an election after that date, the contributor is taken to have elected not to make a conversion election.

(5) A contributor who makes a conversion election, and anyone else who would otherwise be a beneficiary under this Act through the contributor, is not entitled to a benefit under any provision of this Act after the conversion election takes effect, other than a conversion benefit.

(6) A conversion election made by a contributor takes effect on the conversion date specified in the conversion notice given to the contributor.

(7) The employer of a contributor who makes a conversion election must, on being notified by a person or body authorised by the Treasurer for the purposes of this subsection that the contributor has made a conversion election, provide the person or body with particulars of the contributor’s salary as at the conversion date within the period requested by the person or body.

s 5D: Ins 1998 No 144, Sch 1.2 [2]. Subst 1999 No 6, Sch 1.3 [3]. Am 2022 No 29, Sch 2.5[3] [4].