New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION CORPORATION (PILLAR) (AUTHORISED TRANSACTION) ACT 2016 - SECT 6

6 Regional commitment

(1) The Treasurer must ensure that the private sector entity that becomes the owner of Pillar assets pursuant to the authorised transaction provides a guarantee to the effect that Pillar's existing Illawarra operations immediately before completion of the authorised transaction will continue to be conducted in the Illawarra for at least 10 years after completion of the authorised transaction.

(2) In this section:

"existing clients" means the superannuation schemes in respect of which Pillar provides services immediately before completion of the authorised transaction.

"existing Illawarra operations" means the business activities undertaken by Pillar in the Illawarra in the exercise of functions that are associated with the delivery of member services and that are designated within Pillar's business as "Operations", but limited to business activities that relate to Pillar's existing clients.

"the Illawarra" means the area designated by the Australian Bureau of Statistics as the Illawarra Statistical Division.