61RBPower of STC to adjust benefits to comply with certain Commonwealth standards relating to superannuation

61RB Power of STC to adjust benefits to comply with certain Commonwealth standards relating to superannuation

61RB Power of STC to adjust benefits to comply with certain Commonwealth standards relating to superannuation

(1) (Repealed)

(2) If—

(a) a contributor or former contributor becomes entitled to receive a pension under this Act, other than a specified invalidity pension, and

(b) payment of the pension to the contributor or former contributor would, but for this subsection, not be consistent with relevant Commonwealth superannuation standards,

the contributor or former contributor may elect, before the pension starts to be paid, to receive the pension—

(c) in a form that complies with those standards, or

(d) in a form that is in accordance with this Act (apart from this section).

(3) Even after such a pension has started to be paid in a form that is not consistent with relevant Commonwealth superannuation standards, the contributor or former contributor concerned is entitled to make an election or a further election to receive payment of the pension in a form that is consistent with relevant Commonwealth superannuation standards.

(4) An election made and notified to STC in accordance with this section is sufficient authority for STC to pay a pension in accordance with the election of the contributor or former contributor concerned.

(5) An election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards is irrevocable.

(6) A contributor or former contributor who does not notify STC of the election of the contributor or former contributor under this section before the pension concerned starts to be paid is, subject to subsection (3), to be regarded as having elected to receive payment of that pension in the form provided by this Act (apart from this section).

(7) If a contributor or former contributor makes an election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards, STC must ensure that the pension is varied only to the extent necessary to comply with those standards.

(8) An election under this section to receive a pension in a form that is consistent with relevant Commonwealth superannuation standards is binding not only on the contributor or former contributor who made the election but also on any person claiming a benefit under this Act through that contributor or former contributor.