State Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1990
6Transfer of Benefits Fund contributors to the SAS Fund
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6 Transfer of Benefits Fund contributors to the SAS Fund
6 Transfer of Benefits Fund contributors to the SAS Fund
(1) Any person who, immediately before the transfer day, was a contributor to the Benefits Fund is to be taken to have elected under section 19 of the current Act to contribute to the SAS Fund.
(2) The election under subclause (1) takes effect on the transfer day.
(3) A transferred contributor referred to in subclause (1) must elect to contribute to the SAS Fund at the rate of 1, 2, 3, 3.5, 4, 5, 6, 7, 8 or 9 per cent of the contributor’s salary.
(4) If such a transferred contributor fails to specify a rate as referred to in subclause (3) by the transfer day, the contributor is to be taken to have elected on that day to contribute at the rate of 3.5 per cent of the contributor’s salary.
(5) When the election referred to in subclause (1) takes effect in relation to a transferred contributor, the Board must:
(a) transfer to the SAS Fund the amount standing to the contributor’s credit in the Benefits Fund,
(b) in respect of an amount equal to the amounts (if any) transferred or paid to the contributor’s account in the Benefits Fund under section 15K (3) (b) or (c) or 15L (9) (a) or (c) of the earlier Act:
(i) credit 50 per cent to the contributor’s account established under section 12 of the current Act, and
(ii) credit 50 per cent to the appropriate employer reserve, and
(c) in respect of the balance of the amount transferred under paragraph (a) that relates to contributions paid or payable to the Benefits Fund before 1 July 1988:
(i) credit 40 per cent to the contributor’s account established under section 12 of the current Act, and
(ii) credit 60 per cent to the appropriate employer reserve, and
(d) in respect of the balance of the amount transferred under paragraph (a) that relates to contributions paid or payable to the Benefits Fund on or after 1 July 1988:
(i) credit 43.96 per cent to the person’s account established under section 12 of the current Act, and
(ii) credit 56.04 per cent to the appropriate employer reserve.