24Benefit to be preserved

24 Benefit to be preserved

24 Benefit to be preserved

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

(1A) Any section 16A employer contribution or 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 additional employer contributions benefit or a preserved Commonwealth co-contribution benefit (as the case may be).

(1AA) Any existing preserved additional employer contributions benefit in respect of a former employee is to be increased by the amount of a section 16A employer contribution preserved under subsection (1A) in respect of the former employee.

(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, any additional employer contributions 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 Aware Super 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 Aware Super 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.

(3) (Repealed)

(4) When the preserved basic benefit, any preserved additional employer contributions 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