State Authorities Superannuation (First State Computing Employees) Transitional Regulation 1992 (NSW)

1Name of Regulation

This Regulation may be cited as the State Authorities Superannuation (First State Computing Employees) Transitional Regulation 1992.

2Definitions

In this Regulation:

Board means the State Authorities Superannuation Board.

contributor means a person:

• (a)

  who was, on 30 July 1992, employed in First State Computing, and

• (b)

  who on that date was contributing to the SAS Fund, and

• (c)

  who elected or was required to transfer to the employment of Byteward Pty Ltd. on and from 31 July 1992.

First State Computing means the branch of the Commercial Services Group of New South Wales known as First State Computing.

First State Computing Superannuation Fund means the fund of that name established by trust deed, a copy of which is retained in the office of the Board.

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

SAS Fund means the State Authorities Superannuation Fund.

the Act means the State Authorities Superannuation Act 1987.

3Application of Part 1 of Schedule 5 to the Act (Transferred contributors joining another superannuation scheme) to certain contributors transferring to Byteward Pty Ltd.

The transfer of employment of contributors from First State Computing to Byteward Pty Ltd. on 31 July 1992 is declared to be a transfer of employment to which Part 1 of Schedule 5 to the Act applies.

4Transfer of preserved benefit to First State Computing Superannuation Fund(1)

If:

• (a)

  a contributor exercises the contributor’s entitlement to make provision for a preserved benefit in the SAS Fund, and

• (b)

  the contributor is therefore entitled to be paid that benefit in accordance with clause 3 (1) of Schedule 5 to the Act on ceasing to be a contributor, and

• (c)

  the contributor exercises the entitlement within 3 months after the commencement of this Regulation,

the Board is required to pay that benefit to the First State Computing Superannuation Fund.

(2)

The payment must be made as soon as practicable after the exercise of the entitlement.

(3)

The exercise of an entitlement to make provision for a preserved benefit within 3 months after the commencement of this Regulation is taken to have had effect on and from 31 July 1992.

5Obligation of the Board with respect to the disposition of a preserved benefit

When the payment of a benefit is to be made to the First State Computing Superannuation Fund in accordance with clause 4, the Board must, before making the payment, satisfy itself that that Fund, or the trust deed by which that Fund is established, includes provisions that will fully vest the benefit to the credit of the contributor.