Subdiv 2Investment option, rollover payments and co‑contributions

Subdivision 2—Investment option, rollover payments and co‑contributions 13A—Investment option (1) The Treasurer may, in accordance with this section, accept monetary payments from a contributor whose employment as a police officer has not terminated. (2) A monetary payment under subsection (1) must consist of an amount sacrificed by the contributor from his or her salary in accordance with a contract, an award or an enterprise agreement that entitles the person to sacrifice part of his or her salary. (3) The following provisions apply in relation to a payment made to the Treasurer under this section: (a) the Treasurer must pay into the Southern State Superannuation Fund from the Consolidated Account (which is appropriated to the necessary extent), or from a special deposit account established for the purpose, an amount equivalent to the payment; (b) if the contributor is not already a member of the Triple S scheme—the contributor will be taken to have elected to become a member of that scheme under regulations made pursuant to section 19(3) of the Southern State Superannuation Act 2009. Under regulations made for the purposes of the Southern State Superannuation Act 2009, a contribution account maintained by the South Australian Superannuation Board in the name of a contributor who is taken under this subsection to have elected to become a member of the Triple S scheme will be credited with any amount sacrificed by the contributor from his or her salary. 13B—Rollover payments (1) The Board may accept the payment of money for a contributor from another fund or scheme. (2) Money that is rolled over to the Scheme from another fund or scheme must be paid to the Treasurer. (3) The Treasurer must pay into the Southern State Superannuation Fund from the Consolidated Account (which is appropriated to the necessary extent), or from a special deposit account established for the purpose, an amount equivalent to the amount of any money rolled over from another fund or scheme. Under regulations made for the purposes of the Southern State Superannuation Act 2009, a rollover account maintained by the South Australian Superannuation Board in the name of a contributor for whom money has been rolled over from another fund or scheme and paid to the Treasurer under this section will be credited with the amount of the money. 13C—Co‑contribution accounts The Board must— (a) establish a co‑contribution account in the name of a contributor for whom a co‑contribution has been paid to the Board; and (b) credit the account with the amount of any co‑contribution paid to the Board in respect of the contributor; and (c) immediately on a co‑contribution account being credited with the amount of a co‑contribution—transfer the amount to the South Australian Superannuation Board for the purpose of being credited to a co‑contribution account maintained by that Board in the name of the contributor. Under regulations made for the purposes of the Southern State Superannuation Act 2009, a co‑contribution account maintained by the South Australian Superannuation Board in the name of a contributor in respect of whom a co‑contribution has been paid to the Police Superannuation Board will be credited with the amount of the co-contribution.