New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION ACT 1996 - SECT 127B

127B Transfers from EISS and LGSS to successor funds

(1) The regulations may provide for successor fund transfers from the following (a
"former scheme" )--

(a) the electricity industry superannuation scheme,

(b) the local government superannuation scheme.

(2) Regulations may be made about the following in relation to a successor fund transfer under this section--

(a) transferring benefits of members,

(b) transferring assets and liabilities,

(c) paying transferred benefits,

(d) establishing funds and reserves in relation to the successor fund,

(e) preserving or deferring transferred benefits,

(f) the entitlements, rights and obligations of a member whose benefit is transferred,

(g) deeming employers--

(i) to be no longer employers under the former scheme, and

(ii) to be employers under the successor fund,

(h) requiring employers--

(i) to be bound by the trust deed of the successor fund, and

(ii) to make payments and contributions to the successor fund.

(3) The Minister must not recommend the making of a regulation under this section in relation to a successor fund transfer before the successor fund transfer has occurred unless the Minister is satisfied the trustees of the former scheme and the successor fund agree the transfer will comply with--

(a) the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, and

(b) the regulations or other instruments under that Act.

(4) The Minister must not recommend the making of a regulation under this section in relation to a successor fund transfer after the successor fund transfer has occurred unless the Minister is satisfied the regulation corrects an error.