Superannuation Act 1916 Regulation relating to former Government Cleaning Service Employees (1994-116) [GG No 53 of 31.3.1994] (NSW)

1994—No. 116

SUPER ANNUATION ACT 1916—REGULATION

(Relating to former Government Cleaning Service Employees)

NEW SOUTH WALES

[Published in Gazette No. 53 of 31 March 1994]

HIS Excellency the Governor, with the advice of the Executive Council. and in pursuance of the Superannuation Act 1916, has been pleased to make the Regulation set forth hereunder.

KERRY CHIKAROVSKI, M.P.,

Minister for Industrial Relations and Employment.

The Superannuation (Government Cleaning Service Employees

Transfer) Regulation 1994 is amended:

(a)	byomitting from clause 2 thedefinitionsof“appropriate superannuation scheme”, “GCS cleaning staff contributor” and “GCS non-cleaning staff contributor”;
(b)	byinsertinginclause 2 after thedefinitionof“StateFund”,the following definition:

“superannuation fund” has the meaning given by section 3

(1) of the Occupational Superannuation Standards Act 1987

of the Commonwealth;

(c) byomitting clause 4 (1)(c)andbyinserting instead thefollowing paragraphs:

(c) before12August1994,thecontributor nominates a superannuation fund to which that benefit may be transferred; and

(d) the Board approves that fund under clause 5,

(d) byomittingfromclause 4 (1)thewords“theappropriate superannuation scheme’’ and by inserting instead the words “that fund so that that benefit can be applied to the credt of the contributor in that fund”;

1994—No. 116

(e) byomitting clause 4 (2)andbyinserting instead thefollowing subclause:

(2) The payment must be made as soon as practicable after the contributor has nominated a superannuation fund under clause 5 for the purposes of subclause (1) (c) and the Board has approved the fund under clause 5.

(f) byomitting clause 5 andbyinserting instead thefollowing clause:

Approval of superannuation funds by the Board

5. The Board may approve a superannuation fund for the
purposes of clause 4 (1) (d) if, but only if, it is satisfied that:

(a)	therules governing thefund, or the trust deed bywhich the fund is established, includes provisions that will fully vest the preserved benefit to the credit of the GCS contributor concerned; and
(b)	the fund complieswith all Commonwealth occupational superannuation standards that are applicable to superannuation funds.

EXPLANATORY NOTE

The employment of certain contributors to the State Superannuation Fund has been transferred from the Government Cleaning Service to certain companies operating in the private sector in consequence of a Government initiative. The Superannuation (Government Cleaning Service Employees Transfer) Regulation 1994 entitles those contributors to have their superannuation benefits in the Fund preserved and to have those benefits transferred to other specified superannuation schemes. As a result of this Regulation, it will be possible to transfer those benefits, instead of to specified superannuation schemes, to any superannuation funds nominated by the contributors concerned, provided the funds are approved by the State Authorities Superannuation Board. The Board will be able to approve such a fund only if satisfied that the fund complies with relevant Commonwealth occupational superannuation standards.

This regulation is made under Schedule 23 to the Superannuation Act 1916.