New South Wales Repealed Regulations

This legislation has been repealed.

STATE BANK (CORPORATISATION) SAVINGS AND TRANSITIONAL REGULATION 1990 - REG 8

8 Preservation of full-time director's superannuation rights

(1) This clause applies to a full-time director of the Corporation who, immediately before becoming such a director:

(a) was a full-time director of the State Bank, or

(b) was an employee of the Corporation who, immediately before becoming such an employee, was an officer or employee of the State Bank.

(2) A full-time director to whom this clause applies:

(a) may continue to contribute to any superannuation scheme to which he or she was a contributor immediately before becoming such a director, and

(b) is entitled to receive any payment, pension or gratuity accrued or accruing under the scheme,

as if he or she had continued to be such a contributor during service as a full-time director with the Corporation.

(3) Such service with the Corporation is to be taken to be service as an officer in his or her previous employment (under which the entitlement to contribute to the scheme arose) for the purposes of any law under which the full-time director continues to contribute to the scheme or by which an entitlement under the scheme is conferred.

(4) The full-time director is to be regarded as an officer or employee, and the Corporation is to be regarded as the employer, for the purposes of the scheme.

(5) This clause ceases to apply to the full-time director if he or she becomes a contributor to another superannuation scheme, but the director is not prevented from receiving a resignation benefit from the first superannuation scheme.

(6) A full-time director is not entitled to claim, under both this clause and any Act, dual benefits of the same kind for the same period of service.

(7) This clause applies to a full-time director referred to in subclause (1) (b) only if he or she was a contributor to the same superannuation scheme during the whole of the period during which he or she was an employee of the Corporation.

(8) In this clause:
"superannuation scheme" means a scheme, fund or arrangement under which any superannuation or retirement benefits are provided and which is established by or under an Act.