5Transfer of certain Hunter Water Board employees to the State Authorities Superannuation Scheme

5 Transfer of certain Hunter Water Board employees to the State Authorities Superannuation Scheme

5 Transfer of certain Hunter Water Board employees to the State Authorities Superannuation Scheme

(1) An employee who, immediately before the transfer date, was a contributor to the Provident Fund is, on that date, to be taken to have become a contributor to the SAS Fund by virtue of having made an election under section 19 of the Act (Election to contribute to the Fund).

(2) When an employee becomes a contributor to the SAS Fund in accordance with subclause (1):

(a) the employee ceases to be a contributor to the Provident Fund, and

(b) no benefit under the Provident Scheme is payable to or in respect of that employee.

(3) A transferred contributor may, at any time, make an application under section 20 of the Act (Additional benefit), subject to that section.

(4) As soon as practicable after the transfer date, the Trustees of the Provident Fund must, in respect of each transferred contributor, transfer to the SAS Fund:

(a) the amount standing to the contributor’s credit in sub-Accounts 1 and 2 of the contributor’s account in the Provident Fund, as specified in clause A8.1 a of the Trust Deed, as at the transfer date, and

(b) any interest or earnings payable to sub-Account 1 or 2 in respect of the contributor under clause A8.2 of the Trust Deed for any period up to the transfer date, and

(c) the amount standing to the contributor’s credit in sub-Accounts 3 and 4 of the contributor’s account in the Provident Fund, as specified in clause A8.1 a of the Trust Deed, as at the transfer date, and

(d) any interest to earnings payable to sub-Account 3 or 4 in respect of the contributor under clause A8.2 of the Trust Deed for any period up to the transfer date, and

(e) any amount payable to sub-Account 4 in respect of the contributor under clause B6 c of the Trust Deed.

(5) On receipt of the amounts transferred to it in accordance with subclause (4), the SAS Board must:

(a) establish an account in respect of that contributor under section 12 (1) of the Act (Contributors’ accounts), and

(b) credit to that account the amounts relating to the contributor referred to in subclause (4) (a) and (b), and