120Superannuation—transfer to Local Authorities Superannuation Fund—designated port employees

120 Superannuation—transfer to Local Authorities Superannuation Fund—designated port employees (1) A port authority employee who becomes a designated port employee and who, immediately before becoming a designated port employee, was a member of a current defined benefit scheme is upon becoming a designated port employee transferred to the Local Authorities Superannuation Fund. (2) Despite the transfer of a member under this section to the Local Authorities Superannuation Fund— (a) the member is entitled to receive the same benefits that he or she would have been entitled to receive had he or she not so transferred; and (b) the member is entitled to have his or her rights and obligations determined in accordance with the provisions of the governing instrument of the current defined benefit scheme. (3) For the purpose of subsection (2) the Local Authorities Superannuation Board has in respect of a member the duties and powers conferred on the trustees of the current defined benefit scheme by or under the provisions of the governing instrument of that scheme. (4) With the approval of the Minister, the trustees of each current defined benefit scheme must enter into an agreement with the Local Authorities Superannuation Board which specifies— (a) the liability of the current defined benefit scheme up to the date of transfer in respect of transferred members under this section; and (b) the value of assets of the current defined benefit scheme equal to the liability of the current defined benefit scheme under paragraph (a) that are to be transferred to the Local Authorities Superannuation Fund; and (c) the terms and conditions which apply to the transfer of those assets to the Local Authorities Superannuation Fund. (5) For the purposes of subsection (4), the liability in respect of each transferred member is to be treated as being in the same proportion as the total net assets of the current defined benefit scheme are to the total liabilities of the current defined benefit scheme. (6) If agreement cannot be reached within 3 months after the member becoming a designated port employee, the Minister may determine the matters specified in subsection (4) or which are in dispute and the trustees of the current defined benefit scheme and the Local Authorities Superannuation Board are deemed by virtue of this subsection to have entered into an agreement containing the matters determined by the Minister. (7) The trustees of the current defined benefit scheme must transfer the assets specified in the agreement to the Local Authorities Superannuation Fund. (8) As soon as the assets have been transferred, the assets form part of the Local Authorities Superannuation Fund. (9) In this section, ***current defined benefit scheme*** does not include the Local Authorities Superannuation Fund.