22BTransfer of assets in respect of VEISF beneficiaries

22B Transfer of assets in respect of VEISF beneficiaries (1) In this section and section 22C— ***transfer date*** means 17 June 1996 or such earlier date as is specified in the agreement; ***transferred beneficiary*** means a beneficiary in the Victorian Electricity Industry Superannuation Fund who— (a) first became entitled under Division B of the rules of the Victorian Electricity Industry Superannuation Fund to a pension on or before 30 June 1995 or who becomes entitled after 30 June 1995 due to the death of the first beneficiary after that date; or (b) elected to take a deferred accrued retirement benefit under the **Superannuation (Portability) Act 1989** on or before 30 June 1995; S. 22B(1) def. of *VEI Super Pty Ltd* amended by No. 69/2000 s. 50(a). ***VEI Super Pty Ltd*** is the same body and has the same meaning as SECV Superannuation Pty Ltd in section 84 of the **Electricity Industry (Residual Provisions) Act 1993**; S. 22B(1) def. of *Victorian Electricity Industry Superann-uation Fund* amended by No. 69/2000 s. 50(b), substituted by No. 11/2024 s. 89. ***Victorian Electricity Industry Superannuation Fund*** means the fund referred to in section 84(1) of the **Electricity Industry (Residual Provisions) Act 1993** as in force immediately before the commencement of section 53 of the **State Electricity Commission Amendment Act 2024**. (2) With the approval of the Minister, VEI Super Pty Ltd must enter into an agreement with the Board which specifies— (a) the liability of the Victorian Electricity Industry Superannuation Fund up to the transfer date in respect of the entitlements of transferred beneficiaries as determined by an actuary appointed by VEI Super Pty Ltd; and (b) the value of assets of the Victorian Electricity Industry Superannuation Fund equal to the liability of the Victorian Electricity Industry Superannuation Fund under paragraph (a) that are to be transferred to the Scheme; and (c) the terms and conditions which apply to the transfer of these assets to the scheme. (3) If agreement cannot be reached before 1 June 1996, the Minister may determine the matters specified in subsection (2) or which are in dispute and VEI Super Pty Ltd and the Board are deemed by virtue of this subsection to have entered into an agreement containing the matters determined by the Minister. (4) VEI Super Pty Ltd must transfer the assets specified in the agreement to the Scheme. (5) As soon as the assets specified in the agreement have been transferred, the assets form part of the Scheme. (6) No stamp duty or other tax is chargeable under any Act in respect of anything done under this section. (7) VEI Super Pty Ltd is released from any liability in respect of the entitlements of transferred beneficiaries as soon as the assets specified in the agreement have been transferred. S. 22C inserted by No. 4/1996 s. 9.