New South Wales Consolidated Acts

HUNTER DISTRICT WATER BOARD EMPLOYEES' PROVIDENT FUND (SPECIAL PROVISIONS) ACT 1987 - SECT 3

3 Contributions to the Provident Fund made by the Water Board

(1) The trustees of the Provident Fund must, within 12 months after the commencement of this Act, pay to the Superannuation Board such part of the money credited to the Past Service Credit Account and the Board’s Contributions Reserve Account of the Provident Fund as relates to each of the transferred contributors, including interest in that part at the rate determined in accordance with Subclause A8.2 (h) of the Provident Fund trust deed, credited up to and including the date on which the money is paid.

(2) On receipt of the money payable under subsection (1), the Superannuation Board must credit the amount of money to the reserve established under section 9 (3) of the Public Authorities Superannuation Act 1985 in respect of the Water Board.

(3) The money payable under subsection (1) becomes, at the end of the period referred to in that subsection, a debt due to the Superannuation Board and is recoverable accordingly.

(4) The Superannuation Board must apply the money paid or recovered under this section:

(a) for the purpose of discharging the liability of the Water Board in relation to employer-financed benefits payable from the Superannuation Fund in respect of transferred contributors or their dependants, or

(b) to the extent that the money so paid or recovered exceeds that liability-for the purpose of discharging the Water Board’s liability in relation to employer-financed benefits payable from the Superannuation Fund in respect of other persons employed or formerly employed by the Water Board or their dependants.