SUPERANNUATION ACT 1916 - SECT 65
Employer liabilities after Government initiative takes effect
SUPERANNUATION ACT 1916 - SECT 65
Employer liabilities after Government initiative takes effect
65 Employer liabilities after Government initiative takes effect
(1) On and from a transfer of contributors or superannuation coverage that the
Minister certifies under this Part is a consequence of a Government
privatisation initiative or other Government initiative affecting an employer,
the employer's liability with respect to the contributors for present and
future pensions or other benefits financed by the employer and administrative
costs and any other liability under this Act vests in the Crown.
(2) On and
from the removal of an employer by virtue of an order under this Part, the
employer's liability for present and future pensions or other benefits
financed by the employer and administrative costs and any other liability
under this Act vests in the Crown.
(3) Any surplus after meeting any
liability vested in the Crown by this section is vested in the Crown.
