20M   Payment of conversion benefit

(1)  If a person makes a conversion election in accordance with this Part, STC must, as soon as practicable after being notified that the election has taken effect, pay the amount of the conversion benefit payable but not paid in respect of the person:

(a)  if the person’s employer is an employer under the First State Superannuation Act 1992, to FTC, or

(b)  if the person’s employer is a university, to Unisuper Limited, or

(c)  in any other case, if the employer consents, to another superannuation scheme that is an accumulation scheme and is a regulated fund under the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

(2)  STC is liable to pay interest, at a rate determined by the Treasurer, on any outstanding amount of a conversion benefit not paid on the conversion date for the contributor concerned.

(3)  STC may meet the requirement to pay an amount under this section by transferring assets equivalent to the value of that amount or by paying part of the amount and transferring assets of the value of the remaining amount payable.

(4)  If the conversion benefit is payable to FTC, FTC must credit the amount of the conversion benefit to an account to be established to the credit of the person in the First State Superannuation Fund, or to any existing account of the person under that Act.

(5)  If the conversion benefit is payable to Unisuper Limited, Unisuper Limited must credit the amount of the conversion benefit to an account to be established to the credit of the person in the accumulation division of the Superannuation Scheme for Australian Universities, or to any existing account of the person under that Division.

(6)  Duty under the Duties Act 1997 is not payable in respect of the transfer of any assets by STC to FTC under this section.

(7)  In this section:

university includes the following:

(a)  University of Wollongong Recreation and Sports Association,

(b)  Armidale Union-University of New England.