State Authorities Superannuation (FRC–NRC Transfer) Regulation 1994 (NSW)

1Name of Regulation

This Regulation may be cited as the State Authorities Superannuation (FRC–NRC Transfer) Regulation 1994.

2Definitions

In this Regulation:

FRC means the Freight Rail Corporation constituted under the Transport Administration Act 1988.

FRC contributor means a contributor to the SAS Fund:

• (a)

  who was, on the working day immediately before the transfer date, employed by the FRC, and

• (b)

  who elects or is required to transfer to the employment of the NRC during the period beginning on 25 June 1993 and ending with 30 June 1998.

NRC means National Rail Corporation Limited (Australian Company number 052 134 362).

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

SAS Fund means the State Authorities Superannuation Fund.

STC means the SAS Trustee Corporation.

superannuation scheme means:

• (a)

  the Superannuation Trust of Australia, a scheme established by declaration of trust made on 13 December 1985 by MUST Pty Ltd, a company incorporated in Victoria, to provide superannuation, life insurance and disability benefits, or

• (b)

  any other scheme, fund or arrangement approved by the STC under which superannuation or retirement benefits are provided and which complies with relevant Commonwealth occupational superannuation standards.

the Act means the State Authorities Superannuation Act 1987.

transfer date, in relation to a FRC contributor, means the date on which the contributor is transferred to the employment of the NRC.

3Application of Part 1 of Schedule 5 to the Act (Transferred contributors joining another superannuation scheme) to certain contributors

The transfer of FRC contributors from the FRC to the NRC is declared to be a transfer of employment to which Part 1 of Schedule 5 to the Act applies.

4Transfer of preserved benefit to a designated superannuation scheme(1)

If:

• (a)

  a FRC 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 to the SAS Fund, and

• (c)

  the entitlement is exercised:

  • •

    within 4 months after the date of the contributor’s transfer from the FRC to the NRC, or

  • •

    if the transfer preceded the date of commencement of this Regulation, within 4 months from that date of commencement,

STC is required to pay the benefit to the superannuation scheme designated by the contributor.

(2)

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

(3)

The exercise by a FRC contributor of an entitlement to make provision for a preserved benefit is taken to have had effect on and from the contributor’s transfer date.

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

When the payment of a benefit is to be made to a superannuation scheme designated by a FRC contributor in accordance with clause 4, STC must, before making the payment, satisfy itself that the scheme, or the trust deed by which the scheme is established, includes provisions that will fully vest the benefit to the credit of the contributor.