State Authorities Superannuation (SRA–Goninan Transfer) Regulation 1994 (NSW)

1Name of Regulation

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

2Definitions

In this Regulation:

Board means the State Authorities Superannuation Board.

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

SAS Fund means the State Authorities Superannuation Fund.

SRA means the State Rail Authority of New South Wales.

SRA contributor means a contributor to the SAS Fund:

• (a)

  who was, on the working day immediately preceding the transfer date, employed by the SRA, and

• (b)

  who elects or is required to transfer to the employment of the company during the period beginning on 21 May 1993 and ending with 28 February 1994.

superannuation scheme means:

• (a)

  the Howard Smith Group Superannuation Scheme or the Howard Smith Group Superannuation Association, each being a superannuation scheme established by trust deed made on 8 December 1990 between Howard Smith Ltd and the trustees of the scheme, or

• (b)

  any other scheme, fund or arrangement approved by the Board 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.

the company means A. Goninan Co Limited, a company incorporated under the Corporations Law.

transfer date, in relation to an SRA contributor, means the date on which the contributor commenced employment with the company.

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

The transfer of SRA contributors from the SRA to the company 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 SRA 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 transfer from the SRA to the company, or

  • •

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

the Board is required to pay that benefit to whichever superannuation scheme is 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 SRA 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 the Board 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 SRA contributor in accordance with clause 4, the Board 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.