New South Wales Repealed Regulations

This legislation has been repealed.

STATE AUTHORITIES SUPERANNUATION (GRAINCORP EMPLOYEES) TRANSITIONAL REGULATION 1992 - REG 4

4 Part 1 of Schedule 5 to the Act (Special provisions for preserving the benefits of certain contributors) to apply to certain employees of NSW Grain Holdings Limited

(1) For the purposes of clause 1 (1) (b) (ii) of Schedule 5 to the Act, the transfer of a transferred contributor from the SAS Fund to the GrainCorp Superannuation Fund is declared to be a transfer of superannuation coverage to which Part 1 of that Schedule applies.

(2) This clause applies to a transferred contributor who has elected to make provision for a preserved benefit under the Act. This clause also applies to a transferred contributor:

(a) who is taken to have elected to have made provision for a preserved benefit under the Act, by virtue of the operation of the transitional provisions relating to the amendment to the Act made by Schedule 2 to the Statute Law (Miscellaneous Provisions) Act (No 2) 1992 , or

(b) who has, before the commencement of this Regulation, elected to make provision for a preserved benefit in the Public Authorities Superannuation Fund (in which case the contributor is, for the purposes of this Regulation, taken to have preserved a benefit under the Act).

(3) The benefit so preserved is to be paid to the trustees of the GrainCorp Superannuation Fund if the transferred contributor exercises the entitlement conferred by clause 3 of Schedule 5 to the Act:

(a) no later than 12 months from the date of commencement of this Regulation, in the case of a transferred contributor retrenched from employment with NSW Grain Corporation Limited, or

(b) no later than 6 months from the date of commencement of this Regulation, in any other case.

(4) The payment under subclause (3) is to be made as soon as practicable after the exercise of the entitlement referred to in that subclause.

(5) The payment of a benefit in accordance with subclause (3) is a payment to which clause 3 of Schedule 5 to the Act applies and is to be made in accordance with clause 5 of this Regulation.