Superannuation Act 1916 No 28
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
(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
(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
(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.