Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The Board,
MutualCo and TrustCo are to as soon as practicable take the necessary steps to
establish a fund that is a superannuation fund for the purposes of the
SIS Act.
(2) The fund is to be
established —
(a) by a
trust deed that has been approved by the Treasurer; and
(b) with
TrustCo as the first trustee of the fund.
(3) The Treasurer must
not approve a trust deed unless satisfied that compliance with the terms of
the trust deed would not cause the trustee to contravene a regulatory
provision, as defined in the SIS Act section 38A, in relation to the
fund.
(4) The Treasurer must
not approve a trust deed unless satisfied that the trust deed contains
provisions to the effect that, if the transfer time were the time when the
approval is given —
(a) each
existing member would be eligible to become a member of GESB Superannuation;
and
(b)
existing members of each statutory scheme would become members in the class of
membership in GESB Superannuation specified in the deed in respect of that
statutory scheme; and
(c) an
existing member’s benefit entitlements as a member of GESB
Superannuation, considered as a whole and disregarding any compliance changes,
would be no less favourable than the member’s existing benefit
entitlements; and
(d) an
existing member’s obligations as a member of GESB Superannuation would
be no greater than the member’s existing obligations; and
(e) if
it is necessary to appoint a new trustee the appointment is to be made by
MutualCo.
(5) In
subsection (4) —
compliance change , in relation to a
member’s benefit entitlements, means an unfavourable change in those
entitlements to the extent that it would —
(a) be
necessary for compliance with, or occur as a consequence of the application
of, the SIS Act, the Income Tax Assessment Act 1936 (Commonwealth)
or any other law of the Commonwealth; or
(b)
occur as a result of the member’s benefits ceasing to be benefits
payable under a scheme for the purposes of section 31;
existing means existing under a statutory scheme
at the time the Treasurer approves the trust deed.
[Section 45 inserted by No. 25 of 2007
s. 16.]