New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION ACT 1996 - SECT 127A

127A Transfers from STC schemes to successor funds

(1) The Minister may, at the request of STC, approve the transfer of part of the benefits of all or some members of an STC scheme to a successor fund.

(2) The Minister must not approve the transfer of a part of the benefit of a member of an STC scheme if that part consists of or includes a defined benefit interest within the meaning of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth.

(3) The Minister must not approve a transfer unless the Minister is satisfied that the transfer complies with the requirements of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth and any regulations or other instruments under that Act that would apply to the transfer to a successor fund if the STC scheme was not an exempt public sector superannuation scheme under that Act.

(4) Without limiting subsection (3), the trust deed of any successor fund must include provisions to ensure that a right that a contributor to, or a member of, the STC scheme had immediately before the transfer to the successor fund is not removed or restricted. The rules included in the deed may, however, confer additional rights on a contributor or member.

(5) Regulations may be made for or with respect to the following matters, in relation to a transfer to a successor fund--

(a) the transfer of benefits of members of, or contributors to, an STC scheme from that scheme to the successor fund,

(b) the transfer of assets and liabilities of an STC scheme, in respect of transferred benefits of members or contributors or former members or contributors, to the successor fund,

(c) the payment of benefits transferred to the successor fund,

(d) the funds and reserves to be established in respect of the successor fund,

(e) the preservation or deferral of benefits transferred to the successor fund,

(f) the entitlements, rights and obligations of a member of, or contributor to, an STC scheme whose benefit is transferred to the successor fund,

(g) the deeming of employers to be no longer employers under an STC scheme where all the benefits of the relevant employees are transferred from the STC scheme to the successor fund.