61Savings in relation to TGIO Reserve Account

61 Savings in relation to TGIO Reserve Account

(1)  In this section –

former TGIO employee benefits means all of the pensions or other benefits and entitlements to which former TGIO employees are entitled under the regulations;

former TGIO employees means –

(a) a person who has ceased to be an employee as mentioned in section 19 of the Tasmanian Government Insurance Office (Sale) Act 1993; and

(b) a person who is, under the regulations, entitled to a pension, or other benefits or entitlements under this Act by reason of his or her former employment under the Tasmanian Government Insurance Act 1919; and

(c) a person who is, under the regulations, entitled to a pension, or other benefits or entitlements under this Act by reason of his or her relationship to a person referred to in paragraph (a) or (b) ;

TGIO Reserve Account means the account maintained by the Board to fund former TGIO employee benefits.

(2)  [Section 61 Subsection (2) substituted by No. 52 of 2019, s. 19, Applied:31 Mar 2022] On the day on which this section is amended by the amending Act, the amount standing to the credit of the TGIO Reserve Account becomes the property of the Crown.

(3)  [Section 61 Subsection (3) substituted by No. 52 of 2019, s. 19, Applied:31 Mar 2022] As soon as practicable after the day on which this section is amended by the amending Act, the Commission must withdraw from the TGIO Reserve Account the amount standing to the credit of that account and transfer that amount to the Public Account.

(4)  [Section 61 Subsection (4) substituted by No. 52 of 2019, s. 19, Applied:31 Mar 2022] As soon as practicable after the amount referred to in subsection (2) is transferred to the Public Account under , the Commission is to close the TGIO Reserve Account.