42ABCompulsory preservation of benefits after changeover day

#### 42AB Compulsory preservation of benefits after changeover day 42AB Compulsory preservation of benefits after changeover day > > (1) STC must, when a benefit becomes payable under this Act (including a benefit provided by section 42AA, 43 or 43AA), preserve all or so much of the benefit as is required to be preserved so as to be consistent with a relevant Commonwealth superannuation standard. > > > (2) For the purpose of preserving a benefit under this section, STC may convert to a lump sum so much of a superannuation allowance as is required to be preserved. The remainder of the superannuation allowance is to be dealt with as otherwise required or permitted by or under this Act. > > > (3) The amount of the benefit to be preserved in respect of a former contributor for the purposes of subsection (1) is as determined by STC, after obtaining actuarial advice. > > > (4) The amount of a benefit that must be preserved for the purposes of subsection (1) is to be preserved in the Fund and is to be adjusted, having regard to any adjustment of the contributor’s account under section 16 or is to be preserved under section 42AD. > > **ss 42AB–42AD:** Ins 1998 No 144, Sch 2.4 \[9\].