New South Wales Repealed Regulations

This legislation has been repealed.

STATE AUTHORITIES SUPERANNUATION (GOVERNMENT INSURANCE OFFICE EMPLOYEES) TRANSITIONAL REGULATION 1992 - REG 4

4 Schedule 5 to the Act (Special provisions for preserving the benefits of certain contributors) to apply to GIO employees

(1) The transfer of contributors from the State Authorities Superannuation Fund to one or both of the GIO Superannuation Schemes is declared to be a transfer of superannuation coverage to which Schedule 5 to the Act applies.

(2) This subclause applies to a transferred contributor who is, by virtue of clause 5 (2) of Schedule 1 to the Government Insurance Office (Privatisation) Act 1991 , taken to have elected to preserve his or her accrued benefit in the State Authorities Superannuation Fund in accordance with section 43 of the Act. If such a transferred contributor:

(a) becomes a member of either or both of the GIO Superannuation Schemes, and

(b) exercises the entitlement conferred by clause 3 of Schedule 5 to the Act no later than 31 July 1992,

then, subject to subclause (3), the benefit so preserved is to be paid to the trustees of the GIO Superannuation Scheme or Schemes concerned, as directed by the transferred contributor.

(3) The payment under subclause (2) is to be made as soon as practicable after the exercise of the entitlement referred to in subclause (2) (b).

(4) The payment of a benefit in accordance with subclause (2) is a payment to which clause 3 of Schedule 5 to the Act applies and is to be made in accordance with clause 5.