20Transitional superannuation provision

20 Transitional superannuation provision

[Section 20 Inserted by No. 91 of 1999, s. 10, Applied:15 Dec 1999]

(1)  Where a person was appointed as Director after 1 July 1999 and before the commencement of the Superannuation (Parliament, Judiciary and Statutory Legal Officers) Reform Act 1999 , the amounts specified in subsection (4) are to be transferred to a complying superannuation scheme nominated by the Director, which may include an investment account established by the regulations under the Retirement Benefits Act 1993 .

(2)  The Director may make a nomination under subsection (1) to the Treasurer within one month after the commencement of the Superannuation (Parliament, Judiciary and Statutory Legal Officers) Reform Act 1999 but, if no such nomination is made in that period, the Director is taken to have elected to transfer the amounts specified in subsection (4) to an investment account established by the regulations under the Retirement Benefits Act 1993 .

(3)  The investment account referred to in subsection (2) is to be an account determined by the RBF Board.

(4)  The amounts to be transferred under this section are as follows:

(a) all contributions made by the Director under the Judges' Contributory Pensions Act 1968 , together with interest on those contributions at a rate determined by the Treasurer;

(b) with respect to the period from the commencement of his or her duties until the date on which the amount is transferred in accordance with subsection (2) , an amount equal to 9% of the salary of the Director determined in accordance with section 5A(2) of this Act, together with interest on that amount at a rate determined by the Treasurer.

(5)  The amount specified in subsection (4)(a) is to be transferred from the Judges' Pension Fund established under section 9 of the and the amount specified in is to be transferred from the Consolidated Fund which, to the necessary extent, is appropriated accordingly.