State Authorities Superannuation (Government Railways Superannuation Scheme Transfer) (Savings and Transitional) Regulation 1990
10Government Railways Superannuation Account
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10 Government Railways Superannuation Account
10 Government Railways Superannuation Account
(1) As soon as practicable after receiving the amount standing to the credit of the Government Railways Superannuation Account, the SAS Board must apportion the amount among the contributors’ accounts established under section 12 of the later Act in respect of transferred contributors and among such other of that Board’s accounts and reserves it considers to be appropriate.
(2) There is to be transferred to the credit of the SAS Fund from the State Rail Authority Fund such money as may be required to meet claims by or in respect of transferred contributors and transferred pensioners.
(3) Money standing to the credit of the accounts and reserves referred to in subclause (1) is to be applied in paying pensions and other amounts which are payable to or in respect of transferred contributors and transferred pensioners in accordance with the later Act and this Regulation.
(4) Money referred to in subclause (3) includes interest up to and including the day immediately before the transfer date at such rate or rates as the old board and the Treasurer determine.