3Definitions

3 Definitions

3 Definitions

(1) In this Regulation:

employee means an employee of the Hunter Water Board.

notional accumulation, in relation to a transferred contributor, means an amount equal to the sum of:

(a) the amount transferred to the SAS Fund under clause 5 (4) (b) of this Regulation in respect of the contributor from sub-Accounts 3 and 4 of the Provident Fund, as specified in clause A8.1 a of the Trust Deed, and

(b) in respect of each “applicable contribution period” from and including 1 July 1990—an amount equal to whichever is the smaller of the following:

(i) 0.85 of 6 per cent of the salary of that contributor, multiplied by the salary ratio of that contributor in respect of that period, based on the rate of salary determined under section 26 of the Act (Salary basis for contributions) in respect of that period, or

(ii) 0.85 of 1.5 times the contributions paid or payable by that contributor in that period under the Act,

together with interest at a rate or rates determined by the SAS Board, but reduced by an amount or amounts calculated in such a manner as that Board determines in respect of the costs of administering the SAS Scheme and such other charges (if any) as are determined by that Board.

Provident Fund means the Hunter District Water Board Employees’ Provident Fund established by the Trust Deed.

Provident Scheme means the superannuation scheme established by the Trust Deed.

SAS Board means the State Authorities Superannuation Board established under the Superannuation Administration Act 1987.

SAS Fund means the State Authorities Superannuation Fund.

SAS Scheme means the State Authorities Superannuation Scheme established by the Act.

the Act means the State Authorities Superannuation Act 1987.

the Trust Deed means the Hunter District Water Board Employees’ Provident Fund Trust Deed.

transfer date means 1 July 1990.

transferred contributor means a person who has become a contributor to the Fund by virtue of clause 5.