33BSTC to apportion benefits and other payments between the contributors’ reserve and the appropriate employer reserve

33B STC to apportion benefits and other payments between the contributors’ reserve and the appropriate employer reserve

33B STC to apportion benefits and other payments between the contributors’ reserve and the appropriate employer reserve

(1) Whenever—

(a) a benefit under this Act becomes payable to a contributor (other than a benefit under Division 3A of Part 4), or

(b) a contributor elects to take the benefit of that Division, or

(c) if a contributor has died without having received a benefit under this Act—the benefit becomes payable to another person in consequence of that death,

STC must ascertain the portion of the benefit that is payable from the contributors’ reserve and the portion that is payable from the appropriate employer reserve.

(2) For the purposes of subsection (1)—

(a) the portion of the benefit payable to or in respect of a contributor from the contributors’ reserve is an amount equal to the lesser of the amount calculated according to subsection (4) and the relevant amount, and

(b) the portion of the benefit payable to or in respect of the contributor from the appropriate employer reserve is equal to the relevant amount, less the amount ascertained under paragraph (a).

(2A) When an amount under the family law superannuation legislation or Part 4A becomes payable to or in respect of a non-contributor spouse, STC must, in accordance with the regulations, determine the portion of the payment that is payable from the contributors’ reserve and the portion that is payable from the appropriate employer reserve.

(3) For the purposes of subsection (2), the relevant amount is—

(a) if a lump sum benefit (other than a commutation of pension) is to be paid to or in respect of the contributor—the amount of the benefit payable to or in respect of the contributor, or

(b) if a pension or a commutation of a pension is to be paid to or in respect of the contributor—the amount calculated by STC as the capitalised value of the benefits payable to or in respect of the contributor.

(4) For the purposes of subsection (2), the amount to be calculated is—

(a) the amount that would have been payable if the contributor had elected to take the benefit of section 38, and