Superannuation (Joint Coal Board Employees) Transitional Regulation 2002 (NSW)

His Excellency the Lieutenant-Governor, with the advice of the Executive Council, has made the following Regulation under the Superannuation Act 1916.

Special Minister of State

1Name of Regulation

This Regulation is the Superannuation (Joint Coal Board Employees) Transitional Regulation 2002.

2Definitions

In this Regulation:

Coal Services Pty Limited means Coal Services Pty Limited ACN 099 078 234.

contributor means a contributor to the State Fund who:

• (a)

  immediately before the dissolution date, was employed by the Joint Coal Board, and

• (b)

  was transferred to employment with Coal Services Pty Limited on that date, and

• (c)

  does not elect (pursuant to clause 6 of Schedule 1 to the Coal Industry Act 2001) to transfer to the electricity industry superannuation scheme established under section 127 of the Superannuation Administration Act 1996.

deferred benefit means a deferred benefit provided by Division 3A of Part 4 of the Act.

dissolution date means the date on which section 4 (1) of the Coal Industry Repeal Act 2001 of the Commonwealth commences.

election period means the period of 6 months beginning on the dissolution date.

Joint Coal Board means the body corporate constituted in pursuance of the Coal Industry (Industrial Matters) Act 1946 (formerly the Coal Industry Act 1946) and the Coal Industry Act 1946 of the Commonwealth.

regulated superannuation fund has the meaning given to it by section 19 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

State Fund means the State Superannuation Fund established under the Act.

the Act means the Superannuation Act 1916.

3Application of Schedule 23 to the Act (Special provisions for deferring benefits of certain contributors) to certain contributors transferred to Coal Services Pty Limited

The transfer of employment of contributors from the Joint Coal Board to Coal Services Pty Limited on the dissolution date is declared to be a transfer of employment to which Schedule 23 to the Act applies.

4Deferral of accrued benefit without transferring it

If a contributor, within the election period:

• (a)

  exercises his or her entitlement to make provision for a deferred benefit in the State Fund, and

• (b)

  does not exercise the entitlement conferred by clause 3 of Schedule 23 to the Act,

the benefit is to be deferred in accordance with Division 3A of Part 4 of the Act from and including the dissolution date.

5Transfer of deferred benefit(1)

If, within the election period, a contributor:

• (a)

  exercises his or her entitlement to make provision for a deferred benefit in the State Fund, and

• (b)

  exercises the entitlement conferred by clause 3 of Schedule 23 to the Act,

STC is required to pay that benefit to a regulated superannuation fund nominated by the contributor.

(2)

The payment must be made as soon as practicable after the date on which the contributor exercises the entitlement conferred by clause 3 of Schedule 23 to the Act.

6Obligation of STC with respect to the disposition of a deferred benefit

If a contributor has, in accordance with clause 5 (1), directed his or her deferred benefit to be paid to a nominated regulated superannuation fund, STC must, before paying the benefit to that fund, satisfy itself that that fund, or the trust deed by which that fund is established, includes provisions that will fully vest the deferred benefit to the credit of the contributor.

7Schedule 23 not to apply unless entitlement to defer benefit is exercised

If a contributor does not exercise his or her entitlement to make provision for a deferred benefit within the election period, Schedule 23 does not apply to the contributor.