New South Wales Consolidated Acts

HUNTER DISTRICT WATER BOARD EMPLOYEES' PROVIDENT FUND (SPECIAL PROVISIONS) ACT 1987 - SECT 6

6 Existing contributors to the Provident Fund

(1) In this section, a reference to a prescribed fund is a reference to:

(a) the Superannuation Fund, or

(b) such other retirement or superannuation fund as may be specified in the regulations for the purposes of this section.

(2) This section applies to an employee of the Water Board who, at the commencement of this Act, is a member of the Provident Fund.

(3) If, in accordance with a right conferred by or under an Act, an employee of the Water Board to whom this section applies elects:

(a) to withdraw from membership of the Provident Fund, and

(b) to become a contributor to a prescribed fund,

the trustees of the Provident Fund are authorised to transfer to the body responsible for the administration of that fund:

(c) 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 that employee, including interest on 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, and

(d) such money as the employee would have been entitled to receive as benefits from Sub-accounts 1 and 2 of the employee’s member’s account in the Provident Fund if the employee had resigned from his or her employment with the Water Board.

(4) Whenever money is transferred to the body responsible for administering a prescribed fund in accordance with subsection (3), that body must:

(a) pay into that fund to the credit of the reserve or other account established in respect of the Water Board the part of the money referred to in subsection (3) (c) and apply that money:

(i) for the purpose of discharging the Water Board’s liability in relation to employer-financed benefits payable from that fund in respect of the employee concerned or that employee’s dependants, or

(ii) if that part exceeds that liability-for the purpose of discharging the Water Board’s liability in relation to employer-financed benefits payable from that fund in respect of other persons employed or formerly employed by the Water Board or their dependants, and

(b) pay into that fund to the credit of the employee concerned the money referred to in subsection (3) (d).