State Authorities Superannuation (Eastern Creek Raceway Employees) Transitional Regulation 1996 (NSW)

His Excellency the Governor, with the advice of the Executive Council, and on the certificate of the Premier given in accordance with clause 1 of Schedule 5 to the State Authorities Superannuation Act 1987, has made the following Regulation under that Act.

Premier.

1Name of Regulation

This Regulation may be cited as the State Authorities Superannuation (Eastern Creek Raceway Employees) Transitional Regulation 1996.

2Commencement

This Regulation commences on 29 November 1996.

3Definitions

In this Regulation:

complying superannuation fund means an entity that is a complying superannuation fund for the purposes of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

contributor means a contributor to the SAS Fund:

• (a)

  who, immediately before the transfer date, was employed with the Department of Sport and Recreation, and

• (b)

  who has elected or has been required to transfer to employment with Australian Racing Drivers Club Limited on and from that date.

election period means the period of 6 months beginning on the transfer date.

exempt public sector superannuation scheme has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

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

SAS Fund means the State Authorities Superannuation Fund established under the Act.

superannuation fund has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

the Act means the State Authorities Superannuation Act 1987.

transfer date means 29 November 1996.

4Notes

The explanatory note and table of contents do not form part of this Regulation.

5Application of Part 1 of Schedule 5 to the Act to contributors whose employment has been transferred from the Department of Sport and Recreation to Australian Racing Drivers Club Limited

The transfer of contributors from employment in the Department of Sport and Recreation to employment with Australian Racing Drivers Club Limited on the transfer date is declared to be a transfer of employment to which Part 1 of Schedule 5 to the Act applies.

6Preservation of accrued benefit without transferring it to another superannuation fund

If a contributor, within the election period:

• (a)

  does not exercise the entitlement conferred by clause 3 of Schedule 5 to the Act, or

• (b)

  dies without having made an election,

the benefit is to be preserved in accordance with section 43 of the Act from and including the transfer date.

7Transfer of preserved benefit to another superannuation fund(1)

If:

• (a)

  a contributor who becomes entitled to be paid a preserved benefit in accordance with clause 3 (1) of Schedule 5 to the Act on ceasing to be a contributor exercises that entitlement during the election period, and

• (b)

  the contributor within that period nominates another superannuation fund to which the benefit is to be transferred, and

• (c)

  STC is satisfied:

  • (i)

    that the other fund is a complying superannuation fund or an exempt public sector superannuation scheme, and

  • (ii)

    that the preserved benefit will be applied to the credit of the contributor in the other fund,

STC is required to pay that benefit to the other fund.

(2)

The payment must be made as soon as practicable after the contributor’s entitlement arises.