5Transfer of deferred benefit

5 Transfer of deferred benefit

5 Transfer of deferred benefit

(1) If, within the election period, a contributor:

(a) exercises his or her entitlement to make provision for a deferred benefit in the State Authorities Superannuation Fund, and

(b) exercises the entitlement conferred by clause 3 of Schedule 5 to the Act,

STC is required to pay that benefit to a regulated superannuation fund or an exempt public sector superannuation fund nominated by the contributor.

(2) The payment must be made as soon as practicable after the date on which the contributor exercises the entitlement conferred by clause 3 of Schedule 5 to the Act.

(3) STC must, before paying a benefit to a fund under this clause, satisfy itself that the fund, or the trust deed by which the fund is established, includes provisions that will fully vest the deferred benefit to the credit of the contributor.