4Transfer of Government Railways Superannuation Account contributors to the SAS Fund

4 Transfer of Government Railways Superannuation Account contributors to the SAS Fund

4 Transfer of Government Railways Superannuation Account contributors to the SAS Fund

(1) A contributor under the earlier Act who was contributing to the Government Railways Superannuation Account immediately before the transfer date is, on that date, to be taken to have elected under section 19 (1) of the later Act (election to contribute to the Fund), effective on that date, to contribute to the SAS Fund.

(2) For the purposes of subclause (1), section 19 of the later Act is to be read as if subsections (2), (3), (4), (6) and (7) of that section were omitted.

(3) If a contributor under the earlier Act has become a transferred contributor in accordance with such an election—

(a) the contributor ceases to be a contributor to the Government Railways Superannuation Account, and

(b) a benefit under the earlier Act is not payable to or in respect of the contributor.

(4) A transferred contributor may elect to contribute to the Fund at the rate of 1, 2, 3, 4, 5, 6, 7, 8 or 9 per cent of his or her salary.

(5) A person who has made no election under subclause (4) is taken to have elected to contribute at the rate of 1 per cent of the person’s salary.

(6) A contributor under the earlier Act who has become a transferred contributor in accordance with this clause may, subject to section 20 of the later Act (additional benefit), make an application under that section at any time.