43Deferred benefit

#### 43 Deferred benefit 43 Deferred benefit > > (1) A contributor who resigns, or is dismissed or discharged, from employment with an employer before attaining the early retirement age may elect to take the benefit provided by section 41 or (if that benefit, including any interest paid by STC, is not less than the prescribed amount) to make provision for a benefit provided by this section. > > > (1A) A contributor who is under 65 years of age may, instead of taking the benefit payable under section 37, elect to make provision for a benefit provided by this section (but only if that benefit, including any interest paid by STC, is not less than the prescribed amount). > > > (2) Where an election to make provision for a benefit provided by this section made by a contributor under subsection (1) or (1A) takes effect, a benefit is not payable to, or in relation to, the contributor under any provision of this Act other than this section. > > > (2A) A contributor who, being entitled to make an election under subsection (1) or (1A), does not make such an election before the end of the prescribed period is taken to have elected to have made provision for a benefit provided by this section. > > > (3) The benefit provided by subsection (6) or section 42A must be paid by STC— > > > > > (a) if the former member— > > > > > > > (i) elected under subsection (1) or section 30A, or is taken under subsection (2A) to have elected, to defer the benefit, and > > > > > > > (ii) attains the early retirement age, and > > > > > > > (iii) applies to STC in writing for payment of the benefit, or > > > > > (b) if the former member— > > > > > > > (i) elected under subsection (1A) or section 42A to defer the benefit, and > > > > > > > (ii) applies to STC in writing for payment of the benefit, or > > > > > (c) if the former member dies without making an application for payment of the benefit, or > > > > > (d) except in the case of a benefit provided under subsection (1A) or section 42A—on STC being satisfied that the former member is incapable, from infirmity of body or mind, of being employed in any remunerative occupation in which, in the opinion of STC, it would otherwise be reasonable to expect the former member to engage, or > > > > > (e) on STC being satisfied that the former member has attained the age of 65 years and is employed for less than 10 hours a week, or > > > > > (f) on STC being satisfied that the former member has attained the age of 70 years even though the former member is employed for more than 10 but less than 30 hours a week, > > > > > (g) on STC being satisfied that the former member has retired from the work force. > > > (3A) The benefit provided by subsection (6) is not payable under subsection (3) to a person who elected to provide for the benefit under section 30A unless the additional requirements of section 30A (5) (d) are satisfied. > > > (4) Subject to subsection (3), the benefit provided by subsection (6) is payable— > > > > > (a) except where the contributor has died, to the contributor, > > > > > (b) if the contributor has died and is survived by a spouse or de facto partner, to the spouse or de facto partner, or > > > > > (c) if the contributor has died but is not survived by a spouse or de facto partner— > > > > > > > (i) to the contributor’s personal representatives, or > > > > > > > (ii) where section 51 (Payment without grant of probate etc) applies and STC has made a decision under subsection (1) of that section, in accordance with subsection (2) of that section. > > > (5) The benefit provided by subsection (7) is payable to a contributor by STC if— > > > > > (a) the contributor has elected to take that benefit, and > > > > > (b) the election takes effect before the benefit provided by subsection (6) becomes payable to or in respect of the contributor. > > > (6) Subject to subsection (6A), the benefit provided by this subsection is an amount equal to the sum of— > > > > > (a) the contributor-financed benefit at exit date, and > > > > > (b) an amount of employer-financed benefit calculated in accordance with the formula— > > > > > > %20AND%20(No%3D211)%20AND%20(Year%3D1987)%20AND%20(%22Historical%20Document%22%3D0))/g12.gif) > > > where— > > > > > > E represents the amount to be ascertained, > > > > > > F represents the contributor’s final average salary, > > > > > > A represents the accrued benefit points for the contributor at the contributor’s exit date, > > > > > > K represents a discount factor determined by STC after seeking actuarial advice, and > > > > > > n represents the period (expressed in years with any fractional part of a year being calculated on the basis of complete contribution periods) between the contributor’s age at exit date and the early retirement age, > > > > as adjusted under subsection (7B). > > > (6A) For the purposes of calculating the benefit provided under subsection (6) in the case of a contributor who has attained the early retirement age, K in the formula in subsection (6) is to equal 1. > > > (7) The benefit provided by this subsection is an amount equal to the amount of the benefit under section 41 or 42 that would have been payable to the contributor at the contributor’s exit date if the contributor had not made the election under subsection (1), as adjusted under subsection (7B). > > > (7A) If STC makes a determination under section 43D or 45A in relation to a benefit to be provided by this section, the amount of that benefit is reduced by the amount specified in STC’s determination. > > > (7B) STC is to adjust the amount of a benefit payable under this section, having regard to any adjustment of a contributor’s account under section 16. > > > (8) A contributor (other than a contributor who is an executive officer) who becomes a contributor to another superannuation scheme while employed by the same employer— > > > > > (a) is required to make provision for a benefit provided by this section despite anything to the contrary in subsection (1), > > > > > (b) shall be deemed to have elected under subsection (1) to make provision for that benefit on becoming a contributor to that other superannuation scheme, and > > > > > (c) is not entitled to elect to take the benefit provided by subsection (7) while employed by that same employer. > > > (9) (Repealed) > > **s 43:** Am 1988 No 136, Sch 1 (9); 1989 No 107, Sch 1; 1991 No 95, Sch 9 (11); 1992 No 35, Schs 1, 2; 1993 No 42, Schs 1, 4; 1993 No 111, Sch 5 (18); 1994 No 32, Sch 2; 1996 No 39, Sch 4; 1996 No 92, Sch 1.8 (4) (5); 1997 No 42, Sch 1.7 \[15\]; 1997 No 149, Sch 1.6 \[11\] \[12\]; 1998 No 144, Sch 2.4 \[10\]; 1999 No 86, Sch 1.7 \[13\]; 2005 No 52, Sch 5 \[5\].