16Members of State Authorities Superannuation Fund

16 Members of State Authorities Superannuation Fund

16 Members of State Authorities Superannuation Fund

(1) Before the completion date, the trustee of SBSBS is required to amend the trust deed governing SBSBS so that membership of Division B of SBSBS will provide, to persons who become members of that Division by force of this section, the same level of benefits as are provided by membership of the State Authorities Superannuation Fund as at that date.

(2) On the completion date, contributors to the State Authorities Superannuation Fund who are employees of the Bank on that day become, by force of this section, members of Division B of SBSBS. Without affecting this section, those employees cease to be contributors to the State Authorities Superannuation Fund on the completion date.

(3) Such a contributor is taken to have made provision for a preserved benefit under section 43 of the State Authorities Superannuation Act 1987 on the completion date and is entitled to have 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 Authorities Superannuation Fund of the persons who are employees of the Bank on the completion date to the trustee of SBSBS.

(5) Section 46AC and section 46AD (2) and (3) of the State Authorities Superannuation Act 1987 apply in relation to the Bank, as if the omission by this Act of the name of the Bank from Schedule 1 to that Act had been effected by an order under section 46AA 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.