61A   Surrender of policies generally

(1)  Any employee or pensioner whose life, or the life of whose spouse or de facto partner, is insured under a policy of assurance which has been in force for not less than five years and which is at the time of transfer an endowment policy unencumbered and upon which all premiums due have been paid may request STC to accept a transfer of such policy in accordance with the provisions of this section.

(2)  STC may, in such cases as it deems proper and subject to such conditions as it may determine, accept a transfer of any such policy.

(3)  Upon such acceptance by STC:

(a)  the employee or pensioner or spouse or de facto partner of the employee or pensioner, as the case may be shall assign the benefit of such policy to STC,

(b)  STC shall cause all premiums under such policy to be duly paid from the Fund.

(4)  Where, before the maturity of any such policy, the person who assigned the policy to STC requests STC in writing in the form prescribed to release the same to the person and pays to STC the amount of the premiums paid by it with compound interest thereon at the prescribed rate from the respective dates of payment, STC shall release such policy to such person.

(5)  On the maturity of such policy (such policy not having been released pursuant to the provisions of subsection (4)) STC shall hand over to the person entitled thereto all moneys received under such policy less the amount of the premiums paid by it with compound interest thereon at the prescribed rate from the respective dates of payment.

(6)  In this section, a reference to the prescribed rate is a reference to the rate of interest for the time being fixed by STC under section 86A for the purposes of this section.

(7)  The right of an employee or pensioner under subsection (1) to request STC to accept a transfer of a policy of assurance ceases at the commencement of Schedule 10 (8) (c) to the Superannuation (Amendment) Act 1983.