Coal Industry (Joint Coal Board Employees’ Superannuation) Transitional Regulation 2002
9Transfer of assets to EISS
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9 Transfer of assets to EISS
9 Transfer of assets to EISS
(1) STC must transfer to Energy Industries Superannuation Scheme Pty Ltd, as the trustee of the EISS, assets equivalent to an amount calculated in accordance with this clause in respect of the assets of the STC scheme or fund attributable in respect of:
(a) the transferred members, and
(b) the Joint Coal Board employer reserves.
(2) The assets are to be calculated and transferred in accordance with the transfer agreements entered into, with the concurrence of the Treasurer, by STC and Energy Industries Superannuation Scheme Pty Ltd in connection with the transfer of transferred members.
(3) The transfer agreements referred to in subclause (2) are to provide for the transfer of all amounts standing to the credit of the employer reserves maintained by STC in relation to the Joint Coal Board, other than the amounts (determined by an actuary) required to fund the entitlements of those former employees of the Joint Coal Board who are not transferred members (being entitlements arising from their former employment with the Joint Coal Board under any superannuation scheme of which STC is trustee). This subclause does not limit the transfer agreements.
(4) Every asset of STC in the nature of a right, entitlement, privilege, claim or chose in action against a person who is:
(a) a transferred member, or
(b) a claimant against STC through any such transferred member,
that arises by virtue of the former employment by the Joint Coal Board of the transferred member is by this subclause transferred to Energy Industries Superannuation Scheme Pty Ltd as the trustee of the EISS.
(5) Every asset of STC in the nature of a right, entitlement, privilege, claim or chose in action against the Joint Coal Board is by this subclause transferred to Energy Industries Superannuation Scheme Pty Ltd as the trustee of the EISS.
(6) Nothing in this clause transfers a right, entitlement, privilege, claim or chose in action for the enforcement of which any proceedings were instituted before the commencement of this subclause.