New South Wales Consolidated Acts New South Wales Consolidated Acts(Section 131)
(1) The regulations may contain provisions of a savings or transitional nature consequent on the enactment of this Act and the following Acts:Superannuation (Axiom Funds Management Corporation) Act 1996Superannuation Legislation Amendment (Miscellaneous) Act 2001 (but only to the extent that it amends this Act)Superannuation Administration Amendment Act 2004Superannuation Legislation Amendment Act 2005 , but only to the extent to which it amends this ActFirst State Superannuation Legislation Amendment (Conversion) Act 2005 (but only to the extent that it amends this Act)Superannuation Administration Amendment (Trust Deed Schemes) Act 2006Superannuation Legislation Amendment Act 2007
(2) Any such savings or transitional provision may, if the regulations so provide, take effect on the date of assent to this Act or the Superannuation (Axiom Funds Management Corporation) Act 1996 or a later date.
(3) To the extent to which any such savings or transitional provision takes effect on a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as:(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication, or(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.
In this Part:
"AFMC" means the Axiom Funds Management Corporation established by the
Superannuation (Axiom Funds Management Corporation) Act 1996 .
"assets" means any legal or equitable estate or interest (whether present or
future and whether vested or contingent) in real or personal property of any
description (including money), and includes securities, choses in action, and
documents.
"business undertaking" of a body means all the assets, rights and liabilities
of the body.
"Corporation" means the State Superannuation Investment and Management
Corporation constituted by the Superannuation Administration Act 1991 .
"liabilities" means all liabilities, debts and obligations (whether present or
future and whether vested or contingent).
"PSES Board" means the Public Sector Executives Superannuation Board
constituted by the Public Sector Executives Superannuation Act 1989 .
"SAA" means the Superannuation Administration Authority formerly established
by this Act, and dissolved by the
Superannuation Administration Authority Corporatisation Act 1999 .
"SAS Board" means the State Authorities Superannuation Board continued by the
Superannuation Administration Act 1991 .
"State tax" means application or registration fees, stamp duty or any other
tax, duty, fee or charge imposed by any Act or law of the State.
"the 1991 Act" means the Superannuation Administration Act 1991 .
"transferred employee" means a member of staff of the SAS Board, the PSES
Board or the Corporation transferred by order under clause 16.
(1) A person who, immediately before the repeal of the 1991 Act, held office as a trustee of the SAS Board:(a) ceases to hold that office, and(b) is eligible (if otherwise qualified) to be appointed as a member of the STC Board or the FTC Board under this Act.
(2) A person who so ceases to hold office is not entitled to any remuneration or compensation because of the loss of that office.
On and from the repeal of the 1991 Act, a reference in any Act (other than this Act) or in any instrument made under any Act or in any other instrument of any kind to the State Authorities Superannuation Board is to be read:
(a) as a reference to STC, if the reference is to the Board in its capacity as trustee of, or in relation to any of its functions relating to, any of the STC funds or the STC schemes, and
(b) as a reference to FTC, if the reference is to the Board in its capacity as trustee of, or in relation to any of its functions relating to, the First State Superannuation Scheme or the First State Superannuation Fund established under the First State Superannuation Act 1992 .
(1) A person who, immediately before the repeal of the 1991 Act, held office as a director of the Board of the Corporation:(a) ceases to hold that office, and(b) is eligible (if otherwise qualified) to be appointed as a member of the STC Board or the FTC Board under this Act or the AFMC Board under the Superannuation (Axiom Funds Management Corporation) Act 1996 .
(2) A person who so ceases to hold office is not entitled to any remuneration or compensation because of the loss of that office.
(3) A person who holds office as the Managing Director of the Corporation and who so ceases to hold office is not entitled to any remuneration or compensation because of the loss of that office under the Public Sector Management Act 1988 .
On and from the repeal of the 1991 Act, a reference in any Act (other than this Act) or in any instrument made under any Act or in any other instrument of any kind to the State Superannuation Investment and Management Corporation is to be read:
(a) except as provided by paragraph (c), as a reference to STC or FTC, if the reference to the Corporation relates to any of its functions relating to the investment of any of the STC or FTC funds, respectively, or related functions, or
(b) except as provided by paragraph (c), as a reference to SAA, if the reference relates to any of its functions relating to the administration of the STC Schemes, the Public Sector Executives Superannuation Scheme established under the Public Sector Executives Superannuation Act 1989 or the First State Superannuation Scheme established under the First State Superannuation Act 1992 , or
(c) as a reference to AFMC, if the reference to the Corporation relates to any of its functions relating to any assets, rights or liabilities of the Corporation transferred to AFMC by clause 11.
(1) A person who, immediately before the repeal of Part 2 of the Public Sector Executives Superannuation Act 1989 by this Act, held office as a member of the PSES Board:(a) ceases to hold that office, and(b) is eligible (if otherwise qualified) to be appointed as a member of the FTC Board or the STC Board under this Act.
(2) A person who so ceases to hold office is not entitled to any remuneration or compensation because of the loss of that office.
On and from the repeal of Part 2 of the Public Sector Executives Superannuation Act 1989 by this Act, a reference in any Act (other than this Act) or in any instrument made under any Act or in any other instrument of any kind to the Public Sector Executives Superannuation Board is to be read as a reference to FTC.
(1) For the avoidance of doubt, it is declared that STC and its predecessors have always held the STC funds in trust for the persons entitled to receive benefits under the STC schemes.
(2) For the avoidance of doubt, it is declared that FTC and its predecessors have always held the FTC funds in trust for the persons entitled to receive benefits under the FTC schemes.
(1) Any assets, rights or liabilities that are part of the business undertaking of the SAS Board or the PSES Board may be transferred to STC, FTC, AFMC or SAA, as directed by the Minister by order in writing.
(2) An order under this section may be made before, on or after the commencement of any provision of this Act or the Superannuation (Axiom Funds Management Corporation) Act 1996 .
(3) An order may specify the consideration on which the order is made and the value or values at which the assets, rights or liabilities are transferred.
(1) Any assets, rights or liabilities that are part of the business undertaking of the Corporation are to be transferred to STC, FTC, AFMC or SAA, as directed by the Minister by order in writing.
(2) An order under this section may be made before, on or after the commencement of any provision of this Act or the Superannuation (Axiom Funds Management Corporation) Act 1996 .
(3) An order may specify the consideration on which the order is made and the value or values at which the assets, rights or liabilities are transferred.
(1) When any part of the business undertaking of the SAS Board, the PSES Board or the Corporation is transferred by an order made under clause 10 or 11, the following provisions have effect (subject to the order directing the transfer):(a) the assets of the SAS Board, the PSES Board or the Corporation comprised in that part of the undertaking vest in the transferee by force of this clause and without the need for any conveyance, transfer, assignment or assurance,(b) the rights and liabilities of the SAS Board, the PSES Board or the Corporation comprised in that part of the undertaking become by force of this clause the rights and liabilities of the transferee,(c) all proceedings relating to that part of the undertaking commenced before the transfer by or against the SAS Board, the PSES Board or the Corporation and pending immediately before the transfer are taken to be proceedings pending by or against the transferee,(d) anything done or omitted to be done in relation to that part of the undertaking before the transfer by, to or in respect of the SAS Board, the PSES Board or the Corporation is (to the extent that it has any force or effect) taken to have been done or omitted to be done by, to or in respect of the transferee,(e) a reference in any other Act, in any instrument, made under any Act or in any document of any kind to the SAS Board, the PSES Board or the Corporation is (to the extent that it relates to that part of the undertaking but subject to the regulations) to be read as, or as including, a reference to the transferee.
(2) The operation of this clause is not to be regarded:(a) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or(b) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.
(3) The operation of this section is not to be regarded as an event of default under any contract or other instrument.
(4) No attornment to the transferee by a lessee from the SAS Board, the PSES Board or the Corporation is required.
(5) Any instrument executed only for:(a) a purpose ancillary to or consequential on the operation of this clause, or(b) the purpose of giving effect to this clause,is not chargeable with State tax.
(1) A delegation effected by the SAS Board of a function related to the STC schemes or STC funds, and in force immediately before the repeal of the 1991 Act, is taken to have been effected under this Act by STC (but only if STC could have lawfully made the delegation under this Act).
(2) A delegation effected by the SAS Board of a function related to the FTC schemes or FTC funds, and in force immediately before the repeal of the 1991 Act, is taken to have been effected under this Act by FTC (but only if FTC could have lawfully made the delegation under this Act).
(3) A delegation effected by the PSES Board of a function related to the Public Sector Executives Superannuation Scheme established under the Public Sector Executives Superannuation Act 1989 , and in force immediately before the repeal of Part 2 of the Public Sector Executives Superannuation Act 1989 , is taken to have been effected under this Act by FTC (but only if FTC could have lawfully made the delegation under this Act).
(4) A delegation continued by this clause may be revoked or amended in the same way as any delegation made under this Act.
(1) If, before the commencement of this clause, the SAS Board, or the PSES Board, has not complied with a requirement made by or under an Act relating to an annual report or a statement of accounts, being a report or statement required to be made in respect of a period which expired before that day, the relevant trustee must comply with the requirement despite the repeal.
(2) The relevant trustee is STC, in relation to a report or statement relating to an STC fund or scheme, or FTC, in relation to a report or statement relating to an FTC fund or scheme.
(3) The first annual report and statement of accounts of STC and FTC after the commencement of the relevant provisions of this Act must deal with any matters relating to the SAS Board or the PSES Board (other than matters dealt with in the report referred to in subclause (1)) that would have been required to be included in an annual report or statement of accounts of the SAS Board or the PSES Board had the former Act and provisions relating to the PSES Board contained in the Public Sector Executives Superannuation Act 1989 not been repealed.
(1) If, before the repeal of the 1991 Act, the Corporation has not complied with a requirement made by or under an Act relating to an annual report or a statement of accounts, being a report or statement required to be made in respect of a period which expired before that day, SAA must comply with the requirement despite the repeal.
(2) The first annual report and statement of accounts of SAA after the commencement of the relevant provisions of this Act must deal with any matters relating to the Corporation (other than matters dealt with in the report referred to in subclause (1)) that would have been required to be included in an annual report or statement of accounts of the Corporation had the former Act not been repealed.
(1) The Minister may, by order in writing, direct that a member of staff of the SAS Board is to be taken to be an employee of FTC or STC by virtue of this clause.
(2) The Minister may, by order in writing, direct that a member of staff of the PSES Board is to be taken to be an employee of FTC or STC by virtue of this clause.
(3) The Minister may, by order in writing, direct that a member of staff of the Corporation is to be taken to be an employee of SAA or AFMC by virtue of this clause.
(4) In this section, a reference to a member of staff includes a reference to an employee of another Government agency whose services are being made use of by virtue of the 1991 Act or the Public Sector Executives Superannuation Act 1989 .
(1) Except as otherwise provided by this Act or the regulations, the terms and conditions of employment of a transferred employee (including conditions as to remuneration and duration of employment) are to be the same as they were immediately before the commencement of the relevant order under clause 16 and are to continue to have effect.
(2) Neither the contract of employment nor the period of employment of each transferred employee is taken to have been broken by the operation of this Act for the purposes of any law, award or agreement relating to the employment of that employee.
(3) The transfer of a transferred employee does not affect any right to leave of absence (including long service leave) accrued before the repeal of the 1991 Act.
(4) The terms and conditions of employment referred to in subclause (1) may be varied but only by the means by which they could be varied immediately before the commencement of this clause.
(1) If, before the repeal of the 1991 Act:(a) a person died or retired or was retrenched, and(b) at the date of death, retirement or retrenchment:then, for the purposes of the Act by or under which the scheme is established, the relevant body is, on and after the day on which the 1991 Act is repealed, taken to be the employer in the service of whom the person was employed at the date of death, retirement or retrenchment for the purposes of any provision in that Act under which payments may be required to be made by the employer of that person in respect of that scheme.(i) the person was an employee of the SAS Board, the PSES Board or the Corporation, or(ii) the SAS Board, the PSES Board or the Corporation was, for the purposes of any superannuation scheme, the employer of the person,
(2) For the purposes of this section, the relevant body:(a) in relation to a person whose employer was the SAS Board is STC, and(b) in relation to a person whose employer was the Corporation is SAA, and(c) in relation to a person whose employer was the PSES Board is FTC.
(1) An appeal pending immediately before the repeal of the 1991 Act under any provision of that Act may be dealt with and determined as if that Act had not been repealed.
(1) Any contract for the performance of services entered into with the SAS Board by another person or body (other than the Corporation), and in force immediately before the repeal of the 1991 Act and relating to the STC schemes, becomes, on the repeal of that Act, a contract for the performance of services entered into with STC.
(2) Any contract for the performance of services entered into with the SAS Board or the PSES Board by another person or body (other than the Corporation), and in force immediately before the repeal of the 1991 Act and relating to the FTC schemes, becomes, on the commencement of this subclause, a contract for the performance of services entered into with FTC.
(3) Any contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to the investment of the FTC or STC funds or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with STC, in relation to STC funds or related matters, or FTC, in relation to FTC funds or related matters.
(4) Any contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to the scheme administration of the FTC or STC schemes or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with SAA.
(5) Despite subclauses (3) and (4), a contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to an asset, right or liability of the Corporation transferred to AFMC under clause 11, becomes, on the transfer, to the extent that it so relates, a contract entered into with AFMC.
(6) Any contract for the performance of services entered into with the Corporation by the SAS Board or the PSES Board, and in force immediately before the repeal of the 1991 Act and relating to the scheme administration of the FTC or STC schemes or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with SAA by FTC or STC, respectively.
(1) This section applies to the following:(a) the repeal of the 1991 Act, the amendment of the Public Sector Executives Superannuation Act 1989 by this Act and the operation of this Schedule, and(b) the establishment of STC, FTC, SAA and AFMC, and(c) any agreement or other arrangement entered into for purposes connected with a matter referred to in paragraph (a) or (b).
(2) None of the matters or things referred to in subclause (1) are to be regarded:(a) as a breach of a contract or of an arrangement, or(b) as giving rise to any right or remedy by a party to a contract or other arrangement, or(c) as a breach of confidence or a civil wrong.
For the avoidance of doubt, it is declared that for any period during which superannuation funds were treated as one fund under:
(a) section 20 of the 1991 Act before its amendment by the Superannuation Administration Amendment Act 1995 , or
(b) section 19 of the Superannuation Administration Act 1987 before its repeal by the 1991 Act,those funds were part of an amalgamated fund.
For the purposes of this Act, State Super Financial Services Limited is taken to be a company established by STC and STC is taken to have power to establish such a company.
(1) This clause applies to the following trade unions:(a) The Federated Municipal and Shire Council Employees’ Union of Australia, New South Wales Division,(b) The Public Service Association of New South Wales.
(2) Each trade union to which this clause applies:(a) may have employees of SAA as members, and(b) may represent the interests of employees of SAA in industrial matters,whether or not any such power or authority is conferred by the rules of the union or any Act or law.
In this Part:
"the 2005 Act" means the Superannuation Legislation Amendment Act 2005 .
(1) The amendments made by the 2005 Act to sections 4, 22, 32, 35, 40, 67, 77, 80 and 88 apply to a dispute that occurred but has not been determined before the commencement of those amendments.
(2) The amendments made by the 2005 Act to those sections do not apply to a dispute determined before the commencement of those amendments.
A dispute under the Acts under which the FTC schemes are established or constituted that was determined by a committee on behalf of FTC before the commencement of the amendments made by the 2005 Act to sections 4, 22, 32, 35 and 40 is taken to have been determined by FTC.
A dispute under the Acts under which the STC schemes are established or constituted that was determined by a committee on behalf of STC before the commencement of the amendments made by the 2005 Act to sections 4, 67, 77, 80 and 88 is taken to have been determined by STC.
(1) Any approval given or purported to be given by the Minister under section 127 (1A) of this Act as in force before the commencement of the 2006 amending Act that would have been validly given under that subsection, had the amendments made by the 2006 amending Act been in force when it was given, is validated and is taken to have always been validly given.
(2) Accordingly, any trust deed the extension of the application of which was approved as referred to in subclause (1) and which would have been validly extended, had the amendments made by the 2006 amending Act been in force when the trust deed was extended, is taken to have always been validly extended.
(3) In this clause:
"the 2006 amending Act" means the Superannuation Administration Amendment (Trust Deed Schemes) Act 2006 .
(1) Section 80A, as inserted by the Superannuation Legislation Amendment Act 2007 , does not prevent STC from indemnifying a person who is or has been an officer of STC against a liability incurred as an officer of STC, without the approval of the Minister, if the indemnity is provided pursuant to a deed or other written agreement entered into by STC before the commencement of section 80A.
(2) In this clause:
"officer of STC" means the following:(a) a member of the STC Board,(b) the chief executive officer of STC.