Public Authorities Superannuation (Government Initiatives Transfer) (Savings and Transitional) Regulation 1987 (NSW)

1Name of Regulation

This Regulation may be cited as the Public Authorities Superannuation (Government Initiatives Transfer) (Savings and Transitional) Regulation 1987.

2Definitions

In this Regulation:

the Act means the Public Authorities Superannuation Act 1985.

the Council means the Council of the Shire of Bega Valley.

the Elgas Fund means the Elgas Employees Superannuation Fund.

3Schedule 9 to apply to transfer of certain Council gas employees

The transfer of employment of a contributor or former contributor employed solely or predominantly in the production, sale or distribution of gas, whether or not reticulated, or in management activities connected with that production, sale or distribution, being a transfer of employment from the Council to Elgas Limited effected by way of clause 15 of an agreement between the two parties, dated 8 August 1986, is a transfer of employment to which Schedule 9 to the Act applies.

4Disposition of preserved benefit

The preserved benefit:

• (a)

  provided by section 32 (5) of the Act, and

• (b)

  payable under clause 3 of Schedule 9 to the Act in respect of a person who is, because of the operation of clause 3, a transferred contributor,

shall be paid to the Trustees of the Elgas Fund, but only if the Board is satisfied that Elgas Limited will exercise its rights under the trust deed establishing the Elgas Fund so as to ensure that the benefit payable to the transferred contributor after becoming a member of the Elgas Fund will take into account the period of service of that contributor with the Council, and reflect the amount of the preserved benefit.