Public Authorities Superannuation (Transport Retirement Fund Closure) (Savings and Transitional) Regulation 1986 (1986-255) (NSW)

Public Authorities Superannuation (Transport Retirement Fund Closure) (Savings and Transitional) Regulation 1986

1 Name of Regulation This regulation may be cited as the Public Authorities Superannuation (Transport Retirement Fund Closure) (Savings and Transitional) Regulation 1986.

2 Commencement This Regulation shall take effect on and from 1 July 1986.

3 Interpretation (1) In this Regulation: commencement means 1 July 1986. service, in relation to a transferred contributor, means: (a) the number of whole months before 1 July 1985 that would have been taken into account in calculating a benefit payable to the contributor on that date under the provisions of the New South Wales Retirement Benefits Act 1972 if the contributor had been a contributor under that Act, and (b) the number of whole months from and including 1 July 1985 during which the contributor has been a member of the Transport Retirement Scheme. 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 Transport Employees Retirement Benefits Act 1967. 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 who is deemed to have become a transferred contributor by virtue of clause 5 (1). Transport Retirement Scheme means the superannuation scheme established under the earlier Act. (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 9, (b) the definition of average contribution rate per cent in section 24 of the Act shall be construed as if a reference in that definition to the sum of the rates per cent of salary were a reference to the sum of benefit point accrued by the contributor, (c) the contributor's average contribution rate per cent referred to in the definition of prospective benefit points in section 24 of the Act shall be determined by including any applicable month occurring before the contributor's entry date, being a month of service taken into account in calculating a benefit which would have been payable to the contributor under the New South Wales Retirement Benefits Act 1972 if the benefit had become payable under that Act immediately before 1 July 1985, and (d) the contributor's entry date for the purposes of paragraph (c) shall be the date on which the contributor's service is deemed to have commenced for the purposes of the definition of service in subclause (1).