New South Wales Consolidated Acts New South Wales Consolidated Acts(Section 44)
This Schedule applies to a person who is or was, at any time before the staff transfer date, a member of or contributor to an FTC scheme or an STC scheme as an employee of FreightCorp.
(1) In this Schedule:
"AFMC" means the Axiom Funds Management Corporation established by the Superannuation (Axiom Funds Management Corporation) Act 1996 .
"EIS Scheme" means the Electricity Industry Superannuation Scheme established under a trust deed entered into by the Treasurer and Energy Industries Superannuation Scheme Pty Ltd, as trustee.
"FTC scheme" means a superannuation fund or superannuation scheme established or constituted under any of the following Acts:(a) First State Superannuation Act 1992 ,(b) any other Act declared under section 5 of the Superannuation Administration Act 1996 to be an Act for the purposes of this definition."LGS Scheme" means the Local Government Superannuation Scheme established under a trust deed entered into by the Treasurer and LGSS Pty Ltd, as trustee, pursuant to section 127 of the Superannuation Administration Act 1996 .
"SAC" means the Corporation constituted under the Superannuation Administration Authority Corporatisation Act 1999 .
"STC scheme" means a superannuation fund or superannuation scheme established or constituted under any of the following Acts:(a) Police Regulation (Superannuation) Act 1906 ,(b) Superannuation Act 1916 ,(c) Local Government and Other Authorities (Superannuation) Act 1927 ,(d) Transport Employees Retirement Benefits Act 1967 ,(e) New South Wales Retirement Benefits Act 1972 ,(f) Public Authorities Superannuation Act 1985 ,(g) State Public Service Superannuation Act 1985 ,(h) State Authorities Superannuation Act 1987 ,(i) State Authorities Non-contributory Superannuation Act 1987 .
(2) Expressions used in this Schedule have the same meaning as in the Superannuation Administration Act 1996 .
(1) The Treasurer may approve of a person to whom this Schedule applies remaining a member of or contributor to an FTC Scheme or STC Scheme, or may by order in writing transfer the person from an FTC scheme or STC scheme to:(a) the LGS Scheme or the EIS Scheme, or(b) another superannuation scheme (whether or not established under an Act) that is designated by the Treasurer for the purposes of this clause by order in writing, being a scheme that the Treasurer is satisfied provides benefits equivalent to those provided by the FTC Scheme or STC Scheme from which the person is transferred.
(2) A superannuation scheme to which a person is transferred under this clause is referred to in this Schedule as "the new scheme" and the person is referred to in this Schedule as a "transferred person".
(3) The Treasurer is to take all necessary steps to ensure the effectual application of the new scheme to and in respect of transferred persons and generally to facilitate superannuation coverage of transferred persons by the new scheme that is equivalent to their superannuation coverage under the schemes from which they were transferred.
(4) For that purpose, the Treasurer may enter into arrangements with the trustee of the new scheme, including arrangements for the amendment of any relevant trust deed.
(5) The trustee of the new scheme is authorised and required to take all necessary steps to facilitate the transfer to the new scheme of transferred persons and to facilitate superannuation coverage of transferred persons by the new scheme that is equivalent to their superannuation coverage under the schemes from which they were transferred. The trust deed for the new scheme is to be amended accordingly as the Treasurer directs and for that purpose is taken to provide for its amendment in such manner as the Treasurer directs.
(6) Section 127 of the Superannuation Administration Act 1996 does not limit or otherwise affect the operation of this clause and in particular does not prevent the transfer of transferred persons to the LGS Scheme or the EIS Scheme or another scheme under this clause, or the superannuation coverage of transferred persons by the LGS Scheme or EIS Scheme or another scheme under this clause.
(1) Regulations may be made for or with respect to the transfer of a person to whom this Schedule applies from an FTC scheme or an STC scheme to the new scheme in accordance with a direction of the Treasurer under this Schedule.
(2) In particular regulations may be made for or with respect to:(a) the transfer of assets and liabilities of an FTC scheme or an STC scheme, in respect of a transferred person, to the new scheme,(b) the transfer of assets and liabilities within an FTC scheme or STC scheme, or between any such schemes, from any reserve in respect of the employer or former employer of a transferred person to the Crown’s reserve,(c) the payment of pensions and other benefits in respect of former members of, or former contributors to, an FTC scheme or an STC scheme under the new scheme,(d) the funds and reserves to be established in respect of the new scheme,(e) the preservation or deferral of benefits of transferred persons,(f) the entitlements, rights and obligations of a member of, or contributor to, an FTC scheme or an STC scheme as a transferred person under the new scheme,(g) providing for the resolution, by a prescribed authority or person, of all or any prescribed class of disputes concerning the entitlements, rights and obligations of a transferred person under the new scheme,(h) the provision of services in relation to the new scheme by SAC or AFMC (or its successors), or both,(i) the deeming of employers to be no longer employers under an FTC scheme or an STC scheme where all the relevant employees are transferred from the FTC scheme or the STC scheme to the new scheme.
(3) A regulation made under this Schedule has effect despite any provision of an Act under which an FTC scheme or an STC scheme is constituted.
(1) A transferred person has a right (a "transfer option") to transfer from the new scheme to an STC scheme of which the person was previously a member or to which the person previously contributed if:(a) (after the person’s transfer to the new scheme) the person transfers employment from an employer who is responsible for the payment of benefits in respect of the new scheme to a prescribed public sector employer, and(b) the person meets the eligibility requirements of regulations made under this clause.
(2) Regulations may be made for or with respect to eligibility to exercise a transfer option, and for or with respect to:(a) prescribing public sector employers for the purposes of this clause, and(b) defining, for the purposes of this clause, the circumstances in which a transfer of employment is taken to have occurred, and(c) prescribing or providing for the determination of the manner and form in which, and the time within which, a transfer option may be exercised, and(d) prescribing or providing for the determination of the terms and conditions on which membership of the scheme to which a person transfers under a transfer option is available, and(e) the transfer of assets and liabilities (relating to the person concerned) of the scheme from which a person is transferred under a transfer option to the scheme to which the person is so transferred, and(f) the rights and obligations of a person exercising a transfer option, and of any associated beneficiaries, in respect of the person’s membership of or contributions to the scheme from which the person is transferred under the option, and in particular:(i) the preservation or deferral of a benefit in that scheme, and(ii) the calculation of any benefit so preserved or deferred, and(iii) the payment of any such benefit to the scheme to which the person is transferred, and(g) providing for the resolution, by a prescribed authority or person, of all or any prescribed class of disputes concerning the entitlements or obligations of a person exercising a transfer option or any associated beneficiary and arising under the scheme from which the person is transferred under the option.
(3) Regulations under this clause that make provision for or with respect to preserving or deferring a benefit in the scheme from which a person exercising a transfer option is transferred may provide for the payment of such a benefit in spite of any minimum qualifying period of membership or of making contributions, or other limitation prescribed by that scheme, that would otherwise prevent or restrict the preservation or deferral of benefits in it.
(4) Regulations under this clause with respect to a transfer option may confer the option on an employee whose transfer of employment that gives rise to the transfer option took place before the regulation takes effect.
(5) This section has effect despite any provision of an Act under which an STC scheme is constituted or of the trust deeds constituting the new scheme.