Victorian Consolidated Legislation

Emergency Services Superannuation Act 1986 - SECT 22B

Transfer of assets in respect of VEISF beneficiaries

22B. Transfer of assets in respect of VEISF beneficiaries



(1) In this section and section 22C-

transfer date means 17 June 1996 or such earlier date as is specified in the
agreement;

transferred beneficiary means a beneficiary in the Victorian Electricity
Industry Superannuation Fund who-

   (a)  first became entitled under Division B of the rules of the Victorian
        Electricity Industry Superannuation Fund to a pension on or before 30
        June 1995 or who becomes entitled after 30 June 1995 due to the death
        of the first beneficiary after that date; or

   (b)  elected to take a deferred accrued retirement benefit under the
        Superannuation (Portability) Act 1989 on or before 30 June 1995;

VEI Super Pty Ltd is the same body and has the same meaning as SECV
Superannuation Pty Ltd in section 84 of the
Electricity Industry (Residual Provisions) Act 1993;

Victorian Electricity Industry Superannuation Fund has the same meaning as in
section 84 of the Electricity Industry (Residual Provisions) Act 1993.



(2) With the approval of the Minister, VEI Super Pty Ltd must enter into an
agreement with the Board which specifies-

   (a)  the liability of the Victorian Electricity Industry Superannuation
        Fund up to the transfer date in respect of the entitlements of
        transferred beneficiaries as determined by an actuary appointed by VEI
        Super Pty Ltd; and

   (b)  the value of assets of the Victorian Electricity Industry
        Superannuation Fund equal to the liability of the Victorian
        Electricity Industry Superannuation Fund under paragraph (a) that are
        to be transferred to the Scheme; and

   (c)  the terms and conditions which apply to the transfer of these assets
        to the scheme.

(3) If agreement cannot be reached before 1 June 1996, the Minister may
determine the matters specified in subsection (2) or which are in dispute and
VEI Super Pty Ltd and the Board are deemed by virtue of this subsection to
have entered into an agreement containing the matters determined by the
Minister.

(4) VEI Super Pty Ltd must transfer the assets specified in the agreement to
the Scheme.

(5) As soon as the assets specified in the agreement have been transferred,
the assets form part of the Scheme.

(6) No stamp duty or other tax is chargeable under any Act in respect of
anything done under this section.

(7) VEI Super Pty Ltd is released from any liability in respect of the
entitlements of transferred beneficiaries as soon as the assets specified in
the agreement have been transferred.