Transport Employees Retirement Benefits (Amendment) Act 1983 (NSW)

TRANSPORT EMPLOYEES RETIREMENT BENEFITS

(AMENDMENT) ACT, 1983, No. 64

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ANNO TRICESIMO SECUNDO

ELIZABETH^E U REGIN^E

Act No. 64,1983.

An Act to amend the Transport Employees Retirement Benefits Act, 1967,

so as to vary in certain respects the scheme for the payment of benefits

imder that Act; and for other purposes. [Assented to, 4th May, 1983.]

2  Act No. 64, 1983.

Transport Employees Retirement Benefits {Amendment).

BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:—

Short title.

1.           This Act may be cited as the “Transport Employees Retirement

Benefits (Amendment) Act, 1983”.

Commencement.

2. (1) Except as provided by subsections (2) and (3), this Act shall

commence on the date of assent to this Act.

(2) Section 4 shall, in its application to a provision of Schedule 1, commence or be deemed to have commenced on the day on which that provision commences or is deemed to have commenced, as the case may require.

(3) Schedule 1 (1), (2), (3) and (7) shall commence or be deemed

to have commenced, as the case may require, on 1st July, 1983.

Principal Act.

3. The Transport Employees Retirement Benefits Act, 1967, is referred

to in this Act as the Principal Act.

Amendment of Act No. 96, 1967.

4. The Principal Act is amended in the manner set forth in Schedule 1.

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Act No. 64, 1983. 3

Transport Employees Retirement Benefits {Amendment).

SCHEDULE 1.

(Sec. 4.)

A mendments to the Principal Act.

(1) Section 2—

Omit the matter relating to Part II.

(2) (a) Section 3 ( 1 ) , definition of “average earning rate on the Fund”—

Omit the definition.

(b)

Section 3 ( 1 ) , definition of “Fund”—

Omit the definition, insert instead:—

“Fund” means the New South Wales Retirement Fund;

(3) Part II—

Omit the Part.

(4) Section 18 (1) (a )—

Omit the paragraph.

(5) Section 24 (4) (c)—

After “contributions”, insert “, together with interest thereon at the prescribed rate, compounded annually at the end of each financial year from the date on which he became a contributor until the date of his death”.

(6) Section 25—

After “contributions”, insert “, together with interest thereon at the prescribed rate, compounded annually at the end of each financial year from the date on which he became a contributor until the date on which his services terminate”.

4  Act No. 64, 1983.

Transport Employees Retirement Benefits {Amendment).

SCHEDULE continued.

A mendments to the Principal Act—continued.

(7) Section 25a—

After section 25, insert:-

Supplementary amounts.

25a. (1) In subsection (2), “supplementary amount”, in relation

to a contributor who ceases to be employed by an employer, dies or

retires, means the difference between—

(a)	the total of the amount of his initial credit, if any, and of the amount of his contributions and interest at the prescribed rate on those amounts, compounded annually at the end of each financial year, up to the day on which he ceases so to be employed, dies or retires; and
(b)	the amount which that total would be if the prescribed rate were—

(i)   for each financial year commencing with or after 1st July, 1968, and ending with or before 30th June, 1973—the average earning rate on the Fund for that year, as determined by the Board;

(ii)   for each financial year commencing with or after 1st July, 1973, and ending with or before 30th June, 1982— 5^ per centum per annum; and

(iii)   for each financial year commencing with or after 1st July, 1982—the rate for that financial year deter­ mined by order of the Board.

(2) There shall be paid from the Fund to a contributor who,

on or after 1st July, 1983—

(a) ceases to be employed by his employer;

Act No. 64, 1983.

Transport Employees Retirement Benefits {Amendment).

SCHEDULE 1—continued.

Amendments to the Principal Act—continued.

(b) dies; or (c) retires,

the supplementary amount for the contributor.