12Rights, entitlements, benefits and obligations

12 Rights, entitlements, benefits and obligations

(1)  Any right, entitlement or benefit acquired or accrued by a person under the repealed Act immediately before the commencement day is, on that day, a right, an entitlement or a benefit acquired or accrued by that person under the new scheme.

(2)  Any obligation or liability incurred by a person under the repealed Act immediately before the commencement day is, on that day, an obligation or a liability incurred by the person to the company.

(3)  [Section 12 Subsection (3) substituted by No. 17 of 2003, s. 8, Applied:09 May 2003] Any obligation or liability incurred by a person in respect of the termination of relevant employment, within the meaning of the repealed Act, is incurred by the person to the company.

(4)  [Section 12 Subsection (4) inserted by No. 17 of 2003, s. 8, Applied:09 May 2003] For the purposes of this Act and the application of the repealed Act to this Act, the employment of an employee to whom the repealed Act applied immediately before 1 July 1998 is taken to have been terminated on that date.

(5)  [Section 12 Subsection (5) inserted by No. 17 of 2003, s. 8, Applied:09 May 2003] This Act applies to an employee referred to in subsection (4) and is taken to have so applied on and from 1 July 1998.

(6)  [Section 12 Subsection (6) inserted by No. 17 of 2003, s. 8, Applied:09 May 2003] Subsections (4) and (5) are taken to have commenced on 1 July 1998.