Public Authorities Superannuation Act 1985 Regulation relating to certain contributors who were transferred from the New South Wales Retirement Fund to the Public Authorities Superannuation Scheme (1991-354) [GG No 106 of 12.7.1991] (NSW)

1991—No. 354

PUBLIC AUTHORITIES SUPERANNUATION ACT 1985—

REGULATION

(Relating to certain contributors who were transferred from the New South Wales Retirement Fund to the Public Authorities Superannuation Scheme)

NEW SOUTH WALES

[Published in Gazette No. 106 of 12 July 1991]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Public Authorities Superannuation Act 1985, has been pleased to make the Regulation set forth hereunder.

J. J. FAHEY

Minister for Industrial Relations,

Minister for Further Education,

Training and Employment.

Commencement

1. This Regulation is taken to have commenced on 1 July 1985.

Amendments

2. The Public Authorities Superannuation (Transitional Provisions)

Regulation 1985 is amended:

(a) by omitting from clause 15 (1) the words “referred to in clause 3” and by inserting instead the words “as defined in clause 1”;

(b) by inserting after clause 15 (3) the following subclause:

(4) In relation to a transferred contributor (other than a transferred contributor referred to in clause 3 of Schedule 7 to the Act), the definition of “accrued benefit points” in section 24 of the Act is to be construed as if a reference in that definition to contributed points figures included a reference to the number of transferred benefit points of the contributor that the Board has determined for the contributor under clause 6 (3) of that Schedule.

1991—No. 354

EXPLANATORY NOTE

The object of this Regulation is to amend the Public Authorities Superannuation

(Transitional Provisions) Regulation 1985 so as:

(a)

to prescribe “entry dates” (i.e. the dates from which service runs for the purpose of calculating benefits) for those transferred contributors who had been in the process of serving out an eligibility period before becoming contributors to the New South Wales Retirement Fund and those transferred contributors who had applied to join that Fund, but had not, before the commencement of Schedule 7 to the Public Authorities Superannuation Act 1985 (Transitional provisions—New South Wales Retirement Fund), started to contribute to it; and

(b)

to make it clear that for transferred contributors (other than those who had been contributors to that Fund immediately before that commencement) the definition of “accrued benefit points” in section 24 of that Act (which is used to calculate retirement benefits) is to be construed so as to include transferred benefit points determined under clause 6 (3) of Schedule 7 to that Act by the State Authorities Superannuation Board (the successor to the Public Authorities Superannuation Board).

Clause 12 of Schedule 7 to the Public Authorities Superannuation Act 1985 enables regulations relating to the transfer of contributors from the New South Wales Retirement Fund to the Public Authorities Superannuation Fund to be made so as to take effect on and from a date not earlier than the date of assent to that Act. That Act was assented to on 25 April 1985. This Regulation is therefore able to commence on 1 July 1985, the date on which the Principal Regulation commenced.