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 Fund, and

(b) exercises the entitlement conferred by clause 3 of Schedule 23 to the Act,

STC is required to pay that benefit to a regulated 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 23 to the Act.