New South Wales Consolidated Acts

COAL AND OIL SHALE MINE WORKERS (SUPERANNUATION) ACT 1941 - SECT 15C

15C Corporate Trustee to maintain trust deed and governing rules

(1) On the dissolution of the Coal and Oil Shale Mine Workers’ Superannuation Tribunal:

(a) the COALSUPER Trust Deed (including the COALSUPER Rules) takes effect as the trust deed and rules of the Corporate Trustee as if it had been executed by the parties named in the Deed, and

(b) the occupational superannuation schemes established by this Act and by the COSAF Trust Deed are reconstituted under the COALSUPER Trust Deed for the benefit of:

(i) mine workers and dormant members, and

(ii) the members of the COSAF Fund, and

(iii) the dependants of mine workers, dormant members and members of the COSAF Fund, and

(iv) persons who, immediately before the dissolution of the Tribunal, were receiving or entitled to receive pensions under this Act.

Note: The COALSUPER Trust Deed (including the COALSUPER Rules) has been renamed the AUSCOAL Superannuation Fund Trust Deed (including the AUSCOAL Superannuation Fund Rules) by amendment of the Trust Deed and Rules.

(2) The Corporate Trustee must at all times ensure:

(a) that the AUSCOAL Trust Deed (including the AUSCOAL Rules) is consistent with the requirements of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth for a regulated superannuation fund within the meaning of that Act, and

(b) that that Deed is consistent with the requirements of that Act relating to a corporate trustee of such a fund.

(3) The Corporate Trustee must also ensure that the AUSCOAL Trust Deed, if amended or substituted, continues to comply with this section.

(4) The AUSCOAL Trust Deed must:

(a) prescribe the functions of the Corporate Trustee in relation to the reconstituted superannuation schemes, and

(b) provide for the operation, management and investment of the Amalgamated Fund, and

(c) include the AUSCOAL Rules, and

(d) provide for such other matters as may be necessary for the effective and efficient operation of those schemes.

(4A) The AUSCOAL Trust Deed must also empower the Corporate Trustee:

(a) to determine the priority of claims for payment out of the Amalgamated Fund, on the winding-up of the Amalgamated Fund (or on the occurrence of any event that, in the opinion of the Corporate Trustee, makes a determination of the priority of claims on that Fund necessary or appropriate), of pensions, lump sum benefits, refunds of contributions and any other benefits required or authorised to be paid under this Act or under the AUSCOAL Trust Deed.

(5) The AUSCOAL Rules must:

(a) provide for determining which persons are eligible for membership of a reconstituted superannuation scheme to which those Rules apply, and

(b) prescribe the procedure for eligible persons to become members of such a scheme, and

(c) determine the liability for payment of contributions to such a scheme, and

(d) provide for the payment of those contributions, and

(e) prescribe benefits that are payable under the Rules on the retirement of members of such a scheme (including retirement on the grounds of physical or mental incapacity) and provide for the payment of those benefits, and

(f) prescribe the procedure for retirement of mine workers on the grounds of physical or mental incapacity (including the assessment of incapacity), and

(g) prescribe benefits that are to be payable under such a scheme to members who are retrenched from their employment as mine workers and provide for the payment of those benefits, and

(h) prescribe benefits that are to be payable to dependants of members and former members of such a scheme on the death of those members or former members and provide for the payment of those benefits, and

(i) in the case of persons who are not entitled to a retirement or other benefit on ceasing to be members of such a scheme-prescribe circumstances in which those persons’ contributions (if any) are refundable, and

(j) provide for a benefit under such a scheme to be preserved until a contingency arises on which the benefit is payable, and

(k) provide for a preserved benefit under such a scheme to be transferred to another superannuation fund in circumstances specified in the Rules, and

(l) provide for a benefit in another superannuation fund to be transferred to such a scheme in specified circumstances, and

(m) prescribe the procedure for making a claim for a benefit under the Rules and for meeting such a claim, and

(n) include such other provisions as the Corporate Trustee thinks necessary for the effective and efficient operation of the reconstituted schemes and the Amalgamated Fund.

(6) The AUSCOAL Trust Deed is invalid to the extent that it is inconsistent with this Act.

(7) The Corporate Trustee must ensure that the AUSCOAL Trust Deed does not in any way restrict or remove a right that:

(a) a mine worker or a dormant member, or

(b) a dependant of a mine worker or dormant member, or

(c) a person entitled to a pension under this Act or the AUSCOAL Rules,

had when that Deed, or any amendment to or substitution of that Deed, took effect. The AUSCOAL Rules may, however, confer additional rights on such a mine worker, dormant member, dependant or person.