Public Sector Superannuation Reform Act 1999

Public Sector Superannuation Reform Act 1999

An Act to provide for the Tasmanian Accumulation Scheme and the incorporation of the funds under that Scheme into the Retirement Benefits Fund, to reform superannuation arrangements for certain persons employed, or to be employed, in the public sector and for related purposes

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1.   Short title

This Act may be cited as the Public Sector Superannuation Reform Act 1999 .

2.   Commencement

(1)  Section 18 and Schedule 2 commence on the transfer day.

(2)  The remaining provisions of this Act commence on the day after the day on which the Superannuation (Commonwealth Surcharge and Miscellaneous Amendments) Act 1999 receives the Royal Assent.

3.   Interpretation

(1)  In this Act –

accumulation scheme means the Tasmanian Accumulation Scheme established under section 7 ;

Agency means –

(a) a Government department or an organisation specified in column 1 of Schedule 1 to the Tasmanian State Service Act 1984 ; or

(b) a prescribed authority that is not such an organisation; or

(c) a State-owned company; or

(d) another body or person carrying on an industry or undertaking for or on behalf of the State, unless the body or person is under the regulations exempt from the application of this Act;

Agency manager means –

(a) a Head of Agency within the meaning of the Tasmanian State Service Act 1984 ; or

(b) a chief executive officer within the meaning of the Government Business Enterprises Act 1995 ; or

(c) a controlling authority of a prescribed authority that is not –

(i) a Government department or organisation specified in column 1 of Schedule 1 to the Tasmanian State Service Act 1984 ; or

(ii) a Government Business Enterprise within the meaning of the Government Business Enterprises Act 1995 ; or

(d) a chief executive officer, by whatever name called, of a State-owned company; or

(e) a controlling authority of a body or person carrying on an industry or undertaking for or on behalf of the State;

Board means the Retirement Benefits Fund Board continued in existence under section 7 of the Retirement Benefits Act 1993 ;

commencement day means the day first referred to in section 2(2);

complying superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, as amended;

compulsory preservation account has the same meaning as in the Principal Regulations;

contributory scheme means the superannuation arrangements provided by Part 4 of the Principal Regulations;

employee means a person, other than a person who is excluded from the application of the Principal Regulations, who is employed in any position or capacity –

(a) under the Tasmanian State Service Act 1984 ; or

(b) by a prescribed authority; or

(c) by a State-owned company; or

(d) by another body or person carrying on an industry or undertaking for or on behalf of the State –

and includes a police officer;

non-contributory account means an account established under Part 5 of the Principal Regulations;

non-contributory scheme means the superannuation arrangements provided by Part 5 of the Principal Regulations;

police officer means a police officer, within the meaning of the Police Regulation Act 1898 , and includes the Commissioner of Police, the Deputy Commissioner of Police, an Assistant Commissioner of Police and a cadet appointed under section 28A of that Act;

prescribed authority means an authority to which this Act applies under subsection (2) ;

preservation age means the age of 55 years or, where the law of the Commonwealth relating to superannuation provides for another age as the preservation age, that other age;

Principal Regulations means the Retirement Benefits Regulations 1994 ;

salary or wages has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth, as amended;

State-owned company means a company incorporated under the Corporations Law which is controlled by the Crown, a Government Business Enterprise or a statutory authority or another company which is so controlled;

transfer day means the day specified by the Minister under section 7(5) in a notice approving a Trust Deed as the day on which the Trust Deed is to take effect;

transferring member means a person who, immediately before the transfer day, is a member of the non-contributory scheme;

Trust Deed means the Trust Deed referred to in section 7 and includes that Deed as amended or substituted from time to time.

(2)  The Minister may, by notice published in the Gazette, declare that this Act applies to a joint authority under section 38 of the Local Government Act 1993 or any other specified authority.

(3)  For the purposes of the definition of "State-owned company" in subsection (1) , the provisions of the Corporations Law relating to control are taken to apply as if the Crown, Government Business Enterprise or statutory authority, as the case may be, were a corporation under that Law.

PART 2 - Closure of contributory scheme

4.   Closure of contributory scheme

(1)  The contributory scheme does not apply to an employee appointed or engaged on or after the commencement day.

(2)  A person who –

(a) has been continuously employed in a permanent part-time capacity in an Agency before 1 July 1994; and

(b) has not previously elected to contribute to the contributory scheme –

may elect, in writing to the Board, to contribute to that scheme on and from the date of the election.

(3)  Regulation 21 of the Principal Regulations applies to a person who is a member of the non-contributory scheme immediately before the commencement day and continues to apply to that person on and after that day.

(4)  In the application of regulation 21 of the Principal Regulations to a person referred to in subsection (3) , the Board must not extend the time within which the person may elect to contribute to the contributory scheme under that regulation beyond 3 years after the commencement day.

(5)  A married female employee who –

(a) was employed in a permanent capacity in an Agency before 1 July 1982; and

(b) has been continuously so employed since that date; and

(c) is not contributing to the contributory scheme –

may elect, in accordance with regulation 23 of the Principal Regulations, to contribute to that scheme.

(6)  If, immediately before the commencement day, a person was an invalidity pensioner or an interim invalidity pensioner, within the meaning of the Principal Regulations, regulation 85(3) of those regulations continues to apply in respect of that person on and after that day.

5.   Application of non-contributory scheme

(1)  An employee appointed or engaged on or after the commencement day but before the transfer day is a member of the non-contributory scheme and is an eligible employee within the meaning of the Principal Regulations.

(2)  Notwithstanding subsection (1) , an employee appointed or engaged on or after the commencement day must pay contributions at the rate of 5 per cent of salary, unless he or she elects at any time to contribute at another rate that is a multiple of one per cent of salary or to make no contributions.

(3)  Contributions made in accordance with subsection (2) and interest on those contributions are to be credited to the employee's account.

PART 3 - Accumulation scheme

6.   Election for scheme and payment into scheme

(1)  An employee appointed or engaged on or after the transfer day is a member of the accumulation scheme unless he or she elects, after commencing employment, to become a member of another complying superannuation scheme.

(2)  Notwithstanding subsection (1) , an employee appointed or engaged on or after the transfer day may elect, before commencing employment, to become a member of another complying superannuation scheme.

(3)  If an employee has become a member of a complying superannuation scheme, other than the accumulation scheme, that employee may at any time elect to become a member of the accumulation scheme.

(4)  An election under this section is to be made in writing to the Agency in which the employee is to commence employment or is employed.

(5)  Where an employee elects to become a member of a complying superannuation scheme other than the accumulation scheme, the Agency manager on behalf of the Agency must, on being satisfied after making reasonable inquiries that the nominated scheme is a complying superannuation scheme, make employer superannuation contributions –

(a) in accordance with subsection (7) ; and

(b) in the manner required by the rules of that scheme and the requirements of the law of the Commonwealth.

(6)  Where an employee elects to become a member of the accumulation scheme, the Agency manager on behalf of the Agency must make employer superannuation contributions as provided by subsection (7) and in the manner required by the rules of that scheme.

(7)  The rate of employer superannuation contributions is to be the relevant rate specified in the following table:

Period	Rate as percentage of salary or wages
From the transfer day to 30 June 2000	7%
From 1 July 2000 to 30 June 2002	8%
From 1 July 2002 onwards	9%

(8)  The Retirement Benefits Act 1993 and the Principal Regulations, other than Parts 4 and 5, apply in respect of an employee who becomes a member of the accumulation scheme, except to the extent of any inconsistency with the Trust Deed and this Act.

7.   Creation of Trust Deed

(1)  Within 4 months after the commencement day or before such later day as the Minister may, in writing, approve, the Board must prepare and submit to the Minister for approval a draft of a Trust Deed to establish the Tasmanian Accumulation Scheme.

(2)  The Minister may approve or disapprove of the draft.

(3)  The Minister must not approve of the draft unless he or she –

(a) has consulted with the Tasmanian Trades and Labor Council; and

(b) is satisfied that it complies with, and is consistent with, this Act and the law of the Commonwealth.

(4)  The Minister must notify the Board, in writing, of his or her approval or disapproval of a draft submitted under subsection (1) and, in the event of disapproval, the Board must prepare and submit to the Minister a revised draft in accordance with this section and any requests made by the Minister.

(5)  If the Minister approves of a draft, the notice of that approval provided to the Board must specify the day on which the Trust Deed is to take effect.

(6)  After the Minister approves the Trust Deed –

(a) the Minister and the Board must execute the Trust Deed; and

(b) the Minister must cause to be published in the Gazette notice of –

(i) the Minister's approval; and

(ii) the execution of the Trust Deed; and

(iii) the transfer day.

(7)  The Trust Deed takes effect on the transfer day.

(8)  The Trust Deed is binding on, and in respect of, all Agencies.

8.   Application of Trust Deed

The Trust Deed applies to –

(a) a transferring member; and

(b) an employee who is a member of the accumulation scheme –

unless that transferring member or employee has elected to cease to be a member of the accumulation scheme.

9.   Contents of Trust Deed

(1)  The Trust Deed must provide that –

(a) the employer superannuation contribution rate is the relevant rate specified in the table in section 6(7) ; and

(b) subject to paragraph (c) , a member of the accumulation scheme must make contributions at the rate of 5 per cent of salary, unless he or she elects to contribute at another rate that is a multiple of one per cent of salary or to make no contributions; and

(c) a member of the non-contributory scheme before the commencement day who becomes a member of the accumulation scheme after the transfer day is initially taken to have elected to make no contributions but may elect at any time to contribute at a rate that is a multiple of one per cent of salary; and

(d) the accumulation scheme is to provide benefits and be administered by the Board in accordance with this Act and the requirements of the law of the Commonwealth; and

(e) employer superannuation contributions to the accumulation scheme are to be fully funded at all times; and

(f) the accumulation scheme is to provide for a basic level of death and disability cover for all members of the accumulation scheme under 60 years of age with the cost of that cover to be met from the members' accounts in accordance with the Trust Deed; and

(g) the accumulation scheme is to provide an option for those members of a greater or lesser level of death and disability cover or an option to have no cover, with any cost of that cover to be met from the members' accounts in accordance with the Trust Deed; and

(h) allocated pensions and lump sums are to be the only benefit options provided by the accumulation scheme; and

(i) a member of the accumulation scheme is to be provided with a choice from a range of investment options, with one option, unless otherwise approved by the Minister, being investment in a portfolio consisting of government fixed interest securities; and

(j) there are to be arrangements for appeals against decisions, determinations and orders of the Board in the course of its administration of the accumulation scheme; and

(k) a member of the accumulation scheme may elect, at any time in writing to the Board, to cease to be such a member and to transfer his or her accumulated benefit to another complying superannuation scheme.

(2)  The Trust Deed may provide for all other matters necessary or expedient in order to give effect to the accumulation scheme.

10.   Effect of Trust Deed

(1)  In this section,

balance amount means the total notional balance of each non-contributory account relating to a transferring member immediately before the transfer day.

(2)  Subject to subsection (3) , on the transfer day –

(a) Part 5 of the Principal Regulations ceases to apply to a transferring member; and

(b) the provisions of this Act and the Trust Deed apply to the transferring member.

(3)  Where, after the transfer day, regulation 48(1) of the Principal Regulations applies to a transferring member –

(a) if the member retires, having attained the preservation age, a benefit is to be calculated in accordance with regulation 54(1)(b) of the Principal Regulations and is payable in addition to a benefit payable under the Trust Deed; and

(b) if the member resigns, a benefit is to be calculated in accordance with regulation 55(1)(b) of the Principal Regulations and is payable in addition to a benefit payable under the Trust Deed, but, if he or she is under the preservation age, the benefit is to be transferred to his or her compulsory preservation account; and

(c) if the member becomes a contributor under section 4 , a benefit is to be calculated in accordance with regulation 55(1)(b) of the Principal Regulations and is to be transferred to his or her account in the accumulation scheme.

(4)  The Minister must, before the transfer day, make arrangements with the Board so as to ensure that the balance amount in respect of a transferring member is reduced for the purpose of reflecting any difference between the taxation of the non-contributory scheme and taxation of the accumulation scheme and is also fully funded on and from that day.

(5)  For the purposes of subsection (4) , a reduction in the balance amount in respect of each transferring member is to be determined by the Minister on the advice of the Board.

(6)  On the transfer day, the total balance of an account established in the accumulation scheme in respect of a transferring member is taken to be the balance amount in respect of that member, reduced in accordance with subsection (5) .

11.   Amendment or substitution of Trust Deed

(1)  The Trust Deed may be amended, or revoked and substituted, in accordance with the Trust Deed.

(2)  Section 7 , other than subsection (5) , applies, with any necessary modification, in respect of an amendment to, or a revocation and substitution of, the Trust Deed.

(3)  An amendment to, or a revocation and substitution of, the Trust Deed takes effect on the day on which the notice under section 7(6)(b) is published in the Gazette.

12.   Accumulation scheme fund

(1)  The accumulation scheme forms part of the superannuation scheme referred to in section 5 of the Retirement Benefits Act 1993 .

(2)  The funds established under the Trust Deed in respect of the accumulation scheme –

(a) form part of the Retirement Benefits Fund continued by section 11 of the Retirement Benefits Act 1993 ; and

(b) are to be administered by the Board as subfunds of the Retirement Benefits Fund.

13.   Annual reports

Where an Agency is required to produce an annual report, that report is to include a certification by the relevant Agency manager that, if it is the case, the Agency has met its obligations under the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth, as amended, in respect of any employee who is or becomes a member of a complying superannuation scheme to which the Agency contributes, other than the accumulation scheme or the contributory scheme.

PART 4 - Miscellaneous and supplemental

14.   Application of Principal Regulations

(1)  The Principal Regulations apply to the administration and operation of the accumulation scheme and the funds established under the Trust Deed with such modifications as may be necessary and in accordance with any prescribed modifications.

(2)  Subsection (1) does not operate so as to disturb the effect of any provision of this Act or the Trust Deed which is inconsistent with the Principal Regulations.

15.   Regulations

(1)  The Governor may make regulations for the purposes of this Act.

(2)  Without limiting the generality of subsection (1) , the Governor may make regulations that contain provisions –

(a) enabling a member of the contributory scheme to transfer from that scheme to the accumulation scheme or another complying superannuation scheme and providing for related matters; and

(b) modifying the operation of the Principal Regulations in their application to the accumulation scheme; and

(c) of a savings or transitional nature consequent on the enactment of this Act or the establishment, amendment or substitution of the Trust Deed, including but not limited to the transfer of assets and liabilities.

(3)  A regulation of a kind referred to in subsection (2) may take effect on and from the day on which this Act commences or the day on which the Trust Deed is established, amended or substituted, as the case requires, or on and from a later date.

(4)  Regulations made under this section –

(a) may be made so as to apply differently according to matters, limitations or restrictions, whether as to time, circumstance or otherwise, specified in the regulations; and

(b) may authorise any matter to be from time to time determined, applied or regulated by the Board; and

(c) may adopt, either wholly or in part and with or without modification, and either specifically or by reference, any provisions of the Retirement Benefits Act 1993 , the Principal Regulations or the Trust Deed.

16.   Administration of Act

Until provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990  –

(a) the administration of this Act is assigned to the Treasurer; and

(b) the department responsible to the Treasurer in relation to the administration of this Act is the Department of Treasury and Finance.

17.   Consequential amendments to various Acts

The Acts specified in Schedule 1 are amended as specified in that Schedule.

18.   Retirement Benefits Regulations 1994 amended

(1)  The Retirement Benefits Regulations 1994 are amended as specified in Schedule 2 .

(2)  The amendments made by Schedule 2 have effect, notwithstanding section 29 of the Retirement Benefits Act 1993.

SCHEDULE 1 - Consequential Amendments to various Acts

Section 17

1.    Section 18 is repealed and the following section is substituted:

18.   Superannuation for employees

(1)  A company may make contributions to one or more superannuation schemes that comply with the law of the Commonwealth relating to superannuation and may participate in the superannuation scheme provided by the Retirement Benefits Act 1993 and, if it does so participate in that scheme, it is taken to be a prescribed authority for the purposes of that Act in respect of any of its employees who are subject to the scheme.

(2)  A contribution made to a complying superannuation scheme in accordance with subsection (1) in respect of an employee appointed on or after the commencement day specified in the Public Sector Superannuation Reform Act 1999 is not to be in excess of the rate specified in section 6(7) of that Act.

(3)  A company must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(4)  A company must comply with any instruction relating to superannuation given to it by the Minister responsible for the administration of the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 .

1.    Section 22 is amended as follows:

(a) by omitting from subsection (1) "If the Treasurer approves, a" and substituting "A";

(b) by omitting paragraph (a) from subsection (1) ;

(c) by inserting the following subsection after subsection (1) :

(1A)  A contribution made in accordance with subsection (1)(b) in respect of an employee appointed on or after the commencement day specified in the Public Sector Superannuation Reform Act 1999 is not to be in excess of the rate specified in section 6(7) of that Act.

(d) by omitting from subsection (2) "establish or participate in" and substituting "make contributions to";

(e) by inserting the following subsections after subsection (3) :

(4)  A Government Business Enterprise must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(5)  A Government Business Enterprise must comply with any instruction relating to superannuation given by the Minister responsible for the administration of the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 .

1.    Section 13 is amended as follows:

(a) by omitting subsection (1) and substituting the following subsections:

(1)  The Company may make contributions to one or more superannuation schemes that comply with the law of the Commonwealth relating to superannuation and may participate in the superannuation scheme provided by the Retirement Benefits Act 1993 and, if it does so participate in that scheme, it is taken to be a prescribed authority for the purposes of that Act in respect of any of its employees who are subject to the scheme.

(1A)  A contribution made to a complying superannuation scheme in accordance with subsection (1) in respect of an employee appointed on or after the commencement day specified in the Public Sector Superannuation Reform Act 1999 is not to be in excess of the rate specified in section 6(7) of that Act.

(1B)  The Company must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(1C)  The Company must comply with any instruction relating to superannuation given to it by the Minister responsible for the administration of the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 .

(b) by omitting subsection (3) and substituting the following subsection:

(3)  Where an MTT employee is a member of a scheme established or maintained by the Trust before the commencement day specified in the Public Sector Superannuation Reform Act 1999 , nothing in this Act affects his or her entitlements as such a member.

1.   After section 6 , the following section is inserted in Part 2:

6A.   Superannuation for employees

(1)  The Authority may make contributions to one or more superannuation schemes that comply with the law of the Commonwealth relating to superannuation and may participate in the superannuation scheme provided by the Retirement Benefits Act 1993 and, if it does so participate in that scheme, it is taken to be a prescribed authority for the purposes of that Act in respect of any of its employees who are subject to the scheme.

(2)  A contribution made to a complying superannuation scheme in accordance with subsection (1) in respect of an employee appointed on or after the commencement day specified in the Public Sector Superannuation Reform Act 1999 is not to be in excess of the rate specified in section 6(7) of that Act.

(3)  The Authority must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(4)  The Authority must comply with any instruction relating to superannuation given to it by the Minister responsible for the administration of the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 .

1.    Section 8 is amended by omitting subsections (1) , (2) and (3) and substituting the following subsection:

(1)  The Board consists of 7 members, including a President and Deputy President of the Board, to be appointed by the Governor in accordance with the regulations.

2.    Section 10 is amended by inserting after subsection (4) the following subsection:

(5)  The Board has the functions and duties assigned to it under the Public Sector Superannuation Reform Act 1999 .

3.    Clause 2 of Schedule 2 is amended as follows:

(a) by omitting subclause (3) and substituting the following subclause:

(3) Questions arising at a meeting of the Board are to be determined by a majority of two-thirds of the votes of the members present and voting, excluding the President.

(b) by omitting subclause (5) .

1.   After section 24 , the following section is inserted in Part 3:

24A.   Superannuation arrangements generally

(1)  The Company may make contributions to one or more superannuation schemes that comply with the law of the Commonwealth relating to superannuation and may participate in the superannuation scheme provided by the Retirement Benefits Act 1993 and, if it does so participate in that scheme, it is taken to be a prescribed authority for the purposes of that Act in respect of any of its employees who are subject to the scheme.

(2)  A contribution made to a complying superannuation scheme in accordance with subsection (1) in respect of an employee appointed on or after the commencement day specified in the Public Sector Superannuation Reform Act 1999 is not to be in excess of the rate specified in section 6(7) of that Act.

(3)  Subsection (2) does not apply in respect of a superannuation scheme established by the Company before the commencement day specified in the Public Sector Superannuation Reform Act 1999 , unless the Ministers responsible for the administration of the Retirement Benefits Act 1993 , the Public Sector Superannuation Reform Act 1999 and this Act otherwise agree in writing.

(4)  The Company must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(5)  The Company must comply with any instruction relating to superannuation given to it by the Minister responsible for the administration of the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 .

SCHEDULE 2 - Amendments of Retirement Benefits Regulations 1994

Section 18

1.    Regulation 3(1) is amended as follows:

(a) by inserting the following definition before the definition of Act :

accumulation scheme has the same meaning as in the Public Sector Superannuation Reform Act 1999 ;

(b) by omitting paragraph (b) from the definition of eligible employee and substituting the following paragraphs:

(b) a person to whom regulation 4 or 23(4A) applies; or

(c) a person who has elected under section 6(1) or (2) of the Public Sector Superannuation Reform Act 1999 to have his or her employer superannuation contributions paid to a complying superannuation scheme;

(c) by inserting the following definitions after the definition of State Service Act :

transfer day has the same meaning as in the Public Sector Superannuation Reform Act 1999 ;

transferring member has the same meaning as in the Public Sector Superannuation Reform Act 1999 ;

Trust Deed has the same meaning as in the Public Sector Superannuation Reform Act 1999 ;

2.    Regulation 7 is amended by omitting subregulation (1) and substituting the following subregulations:

(1)  The President of the Board is to be appointed by the Governor on the nomination of the Minister made with the agreement of the Tasmanian Trades and Labor Council.

(1A)  Of the remaining members of the Board –

(a) 3 are to be persons nominated by the Minister, one of whom is to be appointed as Deputy President; and

(b) 3 are to be persons of whom –

(i) one is a person elected by contributors; and

(ii) one is a person elected by eligible employees or, after the transfer day, by members of the accumulation scheme; and

(iii) one is a person nominated by the Tasmanian Trades and Labor Council.

(1B)  On the transfer day, the member of the Board who is holding office under subregulation (1)(b)(ii) of this regulation, as in force immediately before that day, continues to hold office for the balance of his or her term of office as if elected by members of the accumulation scheme.

3.    Regulation 10 is amended by inserting after subregulation (3) the following subregulation:

(4)  Neither the Board or any member or officer of the Board is liable for any loss suffered by a person by reason of the exercise of an election by the person to become a member of a complying superannuation scheme other than the accumulation scheme.

4.   After the heading to Part 4, the following Division is inserted:

Division 1AA - Application of Part 4

20AA.   Application of Part 4

(1)  In this regulation –

commencement day means the day after the day on which the Superannuation (Commonwealth Surcharge and Miscellaneous Amendments) Act 1999 receives the Royal Assent;

employee has the same meaning as in the Public Sector Superannuation Reform Act 1999 .

(2)  This Part does not apply to an employee appointed or engaged on or after the commencement day.

5.    Regulation 90 is amended as follows:

(a) by inserting the following subregulation after subregulation (1) :

(1A)  In this regulation,

transferring member has the same meaning as in the Public Sector Superannuation Reform Act 1999 .

(b) by inserting the following subregulations after subregulation (2B) :

(2C)  Subject to subregulation (2D) , on the day on which the Trust Deed takes effect subregulation (1) ceases to apply in respect of a benefit received by a transferring member.

(2D)  In respect of a transferring member who receives a lump sum benefit under section 10(3)(b) or (c) of the Public Sector Superannuation Reform Act 1999 , the Minister or a prescribed authority must pay to the Fund a contribution equal to the whole of that benefit.

[Second reading presentation speech made in:

House of Assembly on 15 APRIL 1999

Legislative Council on 27 APRIL 1999]