Public Authorities Superannuation (Early Retirement Age) (Savings and Transitional) Regulation 1995 (NSW)

1Name of Regulation

This Regulation may be cited as the Public Authorities Superannuation (Early Retirement Age) (Savings and Transitional) Regulation 1995.

2Definition

In this Regulation:

the Act means the Public Authorities Superannuation Act 1985.

3Early retirement age(1)

For the purposes of the definition of early retirement age in section 24 of the Act, the age of 59 years is prescribed as the early retirement age, except as provided by subclause (2).

(2)

For the purposes of section 32 of the Act (Preserved benefit), the prescribed early retirement age is the early retirement age prescribed under the State Authorities Superannuation Act 1987.

4Pension not available to transferred contributor taking early retirement(1)

This clause applies to an employee:

• (a)

  who became a contributor under the Act pursuant to:

  • (i)

    Schedule 6 or 7 to the Act, or

  • (ii)

    the Public Authorities Superannuation (Transport Retirement Fund Closure) Regulation 1986, and

• (b)

  who retires from employment with an employer on or after reaching the early retirement age but before reaching the age of 60 years.

(2)

An employee to whom this clause applies may not elect to take a pension benefit instead of the benefit provided by section 26 of the Act.

5Repeal(1)

The Public Authorities Superannuation (Early Retirement Age) Regulation 1987 is repealed.

(2)

Any act, matter or thing that, immediately before the repeal of the Public Authorities Superannuation (Early Retirement Age) Regulation 1987 had effect under that Regulation, is taken to have effect under this Regulation.