15Members of State Superannuation Fund

15 Members of State Superannuation Fund

15 Members of State Superannuation Fund

(1) Before the completion date, the trustee of SBSBS is required to amend the trust deed governing SBSBS to create a division of membership that provides the same level of benefits as are provided by membership of the State Superannuation Fund as at that day.

(2) On the completion date, contributors to the State Superannuation Fund who are employees of the Bank on that day become, by force of this section, members of the division of membership of SBSBS that provides the same level of benefits as are provided by membership of the State Superannuation Fund as at that day. Without affecting this section, those employees cease to be contributors to the State Superannuation Fund on the completion date.

(3) Such a contributor is taken to have elected to take the benefit of Division 3A of Part 4 of the Superannuation Act 1916 on the completion date and is entitled to have the actuarially calculated lump sum value of the benefit paid to SBSBS in accordance with subsection (4).

(4) The State Authorities Superannuation Board is required, on the day on which it receives the payment referred to in clause 11.6 of the Share Sale Agreement, to pay the total amount of the preserved benefits in the State Superannuation Fund of the persons who are employees of the Bank on the completion date to the trustee of SBSBS.

(5) Section 64 and section 65 (2) and (3) of the Superannuation Act 1916 apply in relation to the Bank, as if the omission by this Act of the name of the Bank from Schedule 3 to that Act had been effected by an order under section 62 of that Act after the Minister administering that Act had certified that the removal is a consequence of a Government privatisation initiative affecting the Bank.