19Functions of Board and Commission in transitional period

19 Functions of Board and Commission in transitional period

(1)  On and from the commencement of this section until the day on which the Retirement Benefits Act 1993 is repealed, the functions of the Board include taking the action that may be necessary, or that the Board is directed by the Minister to take, in preparation for, or in order to effect, a transfer in compliance with a direction under section 22 .

(2)  The Minister may issue to the Board any direction the Minister thinks is required in preparation for, or in order to effect, a transfer in compliance with a direction under section 22 .

(3)  The Board must comply with a direction given to it under subsection (2) .

(4)  If a direction is given under subsection (2) to the Board, a member of the Board (including the chairperson of the Commission) or an officer, employee, or agent, of the Board is indemnified by the Crown against any liability incurred by him or her in relation to –

(a) an action taken by him or her in relation to the direction; or

(b) a failure by him or her to take an action in relation to the direction –

if he or she took the action in good faith, or failed in good faith to take the action, in the belief that taking the action, or failing to take the action, was necessary or convenient to implement the direction.

(5)  The chairperson of the Commission must, as soon as practicable after the day on which the Retirement Benefits Act 1993 is repealed, prepare and submit to the Minister –

(a) a statement of accounts in relation to the Fund in respect of so much of the financial year in which that day occurs as occurs before the day; and

(b) an annual report in relation to the performance of the Board and the Fund during so much of the financial year in which that day occurs as occurs before the day.