Public Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1986 (1986-382) (NSW)

Public Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1986

1 Name of Regulation This Regulation may be cited as the Public Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1986.

2 Interpretation (1) In this Regulation: Benefits Fund means the Superannuation Benefits Fund established under section 15S of the earlier Act. contributor to the Benefits Fund means a person in respect of whom contributions are made to the Benefits Fund. contributor to the Provident Fund means a person in respect of whom contributions are made to the Provident Fund. current insurance policy, in relation to a person, means an insurance policy in force in respect of that person that was effected by that person or accepted by the Local Government Superannuation Board under Part 2 of the earlier Act and that is kept in force by the payment of the premiums thereon under section 6 of the earlier Act. date of transfer, in relation to a person, means the date on which the election by the person in accordance with clause 4, 5 or 6 to contribute to the Fund takes effect. Provident Fund means the Local Government Provident Fund established under section 8 of the earlier Act. the Act means the Public Authorities Superannuation Act 1985. the Board means the Public Authorities Superannuation Board continued by the Act. the earlier Act means the Local Government and Other Authorities (Superannuation) Act 1927. the election period means the period commencing on and including 1 September 1986 and ending on and including 31 March 1988. the Fund means the Public Authorities Superannuation Fund established, maintained and managed by the Board in accordance with the Act. transferred contributor means a person whose election to contribute to the Fund in accordance with clause 4, 5 or 6 has taken effect. (2) In relation to a transferred contributor: (a) the definition of accrued benefit points in section 24 of the Act shall be construed as if a reference in that definition to contributed points figures included a reference to the number of transferred benefit points for the contributor calculated in accordance with clause 10, (b) the definition of average contribution rate per cent in section 24 of the Act shall be construed for the purposes only of the definition of prospective benefit points in that section as if a reference in the firstmentioned definition to an applicable month were a reference to an applicable month occurring after the transferred contributor's date of transfer, and (c) the contributor's entry date shall be deemed to be the date on which the transferred contributor last became subject to the provisions of the earlier Act.