20ABContributor who is executive officer

20AB Contributor who is executive officer

20AB Contributor who is executive officer

(1) When a contributor becomes an executive officer, the contributor must—

(a) elect to continue to contribute to the Fund, or

(b) elect to make provision for a benefit provided by Division 3A of Part 4.

(2) If a contributor fails to make an election under subsection (1) within 2 months of being required to make that election, the contributor is, for the purposes of this section, to be taken to have elected to continue to contribute to the Fund.

(3) Nothing in this Act prevents a contributor who elects to continue to contribute to the Fund from also contributing to the Aware Super Fund or another superannuation scheme and such a contributor is entitled to benefits in accordance with this Act despite being a member of that Fund or another scheme.

(4) If a contributor elects to continue to contribute to the Fund, the contributor may, at any time thereafter while being an executive officer, elect to make provision for a benefit provided by Division 3A of Part 4.

(5) A contributor who elects, under this section, to make provision for a benefit provided by Division 3A of Part 4—

(a) may elect to make provision for the benefit even though he or she has not completed 3 years’ continuous contributory service, and

(b) is not entitled to a benefit payable under any other provision of this Act, and

(c) is not entitled to elect to take the benefit provided by section 52I, and

(d) except as provided by subsection (6), is not entitled to be paid the benefit provided by Division 3A of Part 4 until on or after first ceasing to be an employee after making the election and unless there exist the circumstances in which a person referred to in section 52A (1) is entitled to be paid a benefit under that Division, and

(e) may elect at any time before the benefit is paid to have the benefit paid to the credit of the contributor in the Aware Super Fund or another complying superannuation fund, complying approved deposit fund or retirement savings account.

(6) If a contributor makes an election under subsection (5) (e), STC must, as soon as practicable after the election is made, pay to the trustee or provider of the nominated fund or account the amount of the benefit provided by Division 3A of Part 4 to which the contributor is entitled under subsections (7) and (8).