123Superannuation—private sector employment—regional port employees

123 Superannuation—private sector employment—regional port employees S. 123(1) amended by No. 4/1996 s. 134(10)(b). (1) A regional port employee may elect during the transfer period to transfer the transfer amount to a complying superannuation fund. (2) The transfer amount and the terms and conditions that apply in respect of the transfer are to be determined by the Minister administering the **State Superannuation Act 1988**. S. 123(3) amended by No. 4/1996 s. 134(10)(b). (3) The trustees must pay out of the relevant current defined benefit scheme or the Port of Geelong Authority Superannuation Scheme the transfer amount, after deducting any tax required to be paid under the Commonwealth Income Tax Assessment Act 1936, to the relevant complying superannuation fund. (4) Subject to subsection (5), the trustees must pay into the relevant current defined benefit scheme or the Port of Geelong Authority Superannuation Scheme payments received from the purchaser for superannuation provision in respect of each relevant scheme. (5) The Treasurer may, in addition to any amount received under subsection (4), pay an amount to be determined by the Treasurer into the relevant scheme referred to in subsection (4) to meet any unfunded superannuation liability relating to regional port employees. (6) For the purposes of subsection (4), the Purchaser is deemed to be— (a) an authority under the **Local Authorities Superannuation Act 1988**; (b) an employing authority under the **State Superannuation Act 1988**; (c) a transport authority under the **Transport Superannuation Act 1988**; (d) an employer under the **State Employees Retirement Benefits Act 1979**; (e) the Authority under the Port of Melbourne Authority Superannuation Scheme. (7) If a person— S. 123(7)(a) amended by No. 4/1996 s. 134(10)(b). (a) elects not to transfer a transfer amount to a complying superannuation fund under subsection (1); or (b) fails to make an election in accordance with subsection (1)— the person is deemed to have resigned as a regional port employee as from the date of the relevant sale for the purposes of the **Local Authorities Superannuation Act 1988**, the **State Superannuation Act 1988**, the **Transport Superannuation Act 1988**, the **State Employees Retirement Benefits Act 1979** or the governing instrument of the Port of Melbourne Authority Superannuation Scheme (as the case may be). (8) For the purposes of the **Superannuation (Portability) Act 1989**, an officer to whom subsection (7) applies is entitled by virtue of this section to elect to make an application in accordance with section 5 of that Act.