State Authorities Superannuation (Centre for Bone and Joint Diseases Employees’ Superannuation) Regulation 1994 (NSW)

1Name of Regulation

This Regulation may be cited as the State Authorities Superannuation (Centre for Bone and Joint Diseases Employees’ Superannuation) Regulation 1994.

2Definitions

In this Regulation:

affected contributor means a contributor referred to in clause 3.

Board means the State Authorities Superannuation Board.

preserved benefit means a benefit provided by section 43 of the Act.

SAS Fund means the State Authorities Superannuation Fund.

superannuation fund has the meaning given by section 3 (1) of the Occupational Superannuation Standards Act 1987 of the Commonwealth.

the Act means the State Authorities Superannuation Act 1987.

the employer means the North Sydney Community Hospital operating at the commencement of this Regulation as the Centre for Bone and Joint Diseases.

the relevant date means 11 April 1994 (the date of removal of the name of the employer from the Third Schedule to the Public Hospitals Act 1929).

3Contributors to whom this Regulation applies

This Regulation applies to a contributor to the SAS Fund who, immediately before the relevant date, was employed by the employer and was contributing to the SAS Fund.

4Transfer of superannuation coverage of affected contributors

The transfer of affected contributors to a superannuation fund in accordance with clause 5 is declared to be a transfer of superannuation coverage to which Part 1 of Schedule 5 to the Act applies.

5Transfer of affected contributor’s preserved benefit to an approved superannuation fund(1)

If:

• (a)

  an affected contributor, in consequence of having exercised the contributor’s entitlement to make provision for a preserved benefit in the SAS Fund, is entitled to be paid the benefit in accordance with clause 3 (1) of Schedule 5 to the Act on ceasing to be a contributor to the SAS Fund, and

• (b)

  before 12 August 1994, the contributor nominates a superannuation fund to which the benefit may be transferred, and

• (c)

  the Board approves the superannuation fund in accordance with clause 6,

the Board is required to pay the benefit to the nominated superannuation fund.

(2)

The payment must be made as soon as practicable after the contributor has nominated a superannuation fund for the purposes of subclause (1) (b) and the Board has approved the fund in accordance with clause 6.

(3)

The transfer of a contributor’s superannuation coverage in accordance with this clause is taken to have had effect on and from the relevant date, despite anything in this clause to the contrary.

6Approval of superannuation funds by the Board

The Board may approve a superannuation fund for the purposes of clause 5 (1) (c) if but only if it is satisfied that:

• (a)

  the rules governing the fund include, or the trust deed by which the fund is established includes, provisions that will fully vest the preserved benefit to the credit of the contributor concerned, and

• (b)

  the fund complies with all relevant Commonwealth occupational superannuation standards that are applicable to superannuation funds.