State Authorities Superannuation Act 1987 (NSW)

State Authorities Superannuation Act 1987 No 211

An Act to establish a superannuation scheme for certain employees in the public sector; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act may be cited as the State Authorities Superannuation Act 1987.

2 Commencement This Act shall commence on 1 April 1988.

2A Closure of scheme to new entrants on and from 19 December 1992 (1) Despite any other provision of this Act, an employee is not entitled to make an election to contribute to the Fund on or after 19 December 1992 (the closure date). (2) However, a person who lodged an election to contribute to the Fund with the Board, or with the person's employer, before the closure date is taken to have elected to contribute to the Fund before that date and this Act applies accordingly. (3) An election that was sent to the Board or employer, by post or otherwise, before the closure date is taken to have been lodged with the Board before that date.

2B Employee may resume contributions after break in employment (1) Despite section 2A, an employee who resumes employment as an employee in the circumstances set out in section 30 may make an application under that section and may resume contributions. (2) Section 2A does not prevent an employee from exercising a transfer option conferred under Part 6 or Part 7 of the Superannuation Administration Act 1996.

2C Employee over 55 years may contribute after election to preserve benefit after salary reduction (1) Despite section 2A, an employee who has elected under Part 2 of Schedule 5 to make provision for a preserved benefit before the commencement of this section, or who so elects after the commencement of this section, is entitled to elect to contribute to the Fund. (2) Despite section 2A, an employee who has elected under Division 3B of Part 4 of the Superannuation Act 1916 to defer or preserve a benefit before the commencement of this section, or who so elects after the commencement of this section, is entitled to elect to contribute to the Fund. (3) The election to contribute to the Fund must be made when the employee elects to make provision for a preserved benefit or to defer or preserve a benefit. (4) Despite subsection (3), an employee who elected to make provision for a preserved benefit or to defer or preserve a benefit before the commencement of that subsection may elect to contribute to the Fund at any time within 3 months after the commencement of that subsection.