Superannuation Administration Amendment Act 1995 (NSW)

New South Wales

Superannuation Administration

Amendment Act 1995 No 29

Contents

Page

1 Name of Act 2

2 Commencement	2
3 Amendment of Superannuation Administration

Act 1991 No 96 2

Schedule 1 Amendments 3

New South Wales

Superannuation Administration

Amendment Act 1995 No 29

Act N o 29 , 1995

An Act to amend the Superannuation Administration Act 1991 with respect to the amalgamation of certain superannuation funds; and for other purposes. [Assented to 19 June 1995]

Clause 1 Superannuation Administration Amendment Act 1995 No 29

The Legislature of New South Wales enacts:

1 Name of Act

This Act is the Superannuation Administration Amendment

Act 1995.

2      Commencement

This Act commences on the date of assent.

3 Amendment of Superannuation Administration Act 1991 No 96

The Superannuation Administration Act 1991 is amended as set out in Schedule 1.

Superannuation Administration Amendment Act 1995 No 29

Amendments Schedule 1

Schedule 1 Amendments

(Section 3)

[1]         Section 20 Amalgamated funds

Omit “, for the purposes of any provisions of the Public Authorities (Financial Arrangements) Act 1987 relating to investment and for any related purposes, treat as”

Insert instead “amalgamate into”.

Section 20

Insert at the end of the section:

If the associated superannuation fund for an associated superannuation scheme becomes part of an amalgamated fund under this section:

(a)	the Board is to maintain separate accounts in the amalgamated fund in relation to the scheme, and
(b)	a reference in any provision of an Act or other instrument (other than this section) to the associated superannuation fund is taken to be a reference to that part of the amalgamated fund that is maintained for the purposes of the scheme.

The Board may re-establish an associated superannuation fund that has become part of an amalgamated fund under this section. On the re-establishment of the fund, subsection (2) ceases to operate in relation to the associated superannuation fund, but without prejudice to the previous operation of the subsection.

Without limiting the generality of section 6 (5), the Board has power in New South Wales and elsewhere to do all things necessary or convenient to be done for, or in connection with, the amalgamation or re-establishment of a superannuation fund under this section.

Superannuation Administration Amendment Act 1995 No 29

Schedule 1	Amendments
(5) For the avoidance of doubt, it is declared that for any period during which superannuation funds were treated as one fund under:

(a)	this section before its amendment by the
Superannuation Administration Amendment

Act 1995, or

(b) section 19 of the Superannuation Administration Act 1987 before its repeal by this Act,

those funds were parts of an amalgamated fund.

[3 ]        Section 39 Corporation may pool funds

Omit the section.

[Minister's second reading speech made in—

Legislative Council on 24 May 1995

Legislative Assembly on 31 May 1995]