22Transfer to initial default fund of existing members and related assets

22 Transfer to initial default fund of existing members and related assets

(1)  The Actuary must, by notice to the Minister and the Board, determine the transfer assets, being the amount of the assets of the Fund that the Actuary considers represents –

(a) the benefits of the transferring members immediately before the transfer date; and

(b) the proportion, of the reserves of the Fund, that relates to the Tasmanian Accumulation Scheme.

(2)  The Minister may, in writing, direct the Board to transfer to the initial default fund, with effect from the transfer date –

(a) all transferring members; and

(b) the transfer assets.

(3)  If the Board is given a direction under subsection (2) , the Board must –

(a) transfer to the initial default fund, with effect from the transfer date, all transferring members; and

(b) transfer to the initial default fund, with effect from the transfer date, the transfer assets; and

(c) do all things necessary to effect the transfers.