68APermanent employees may be required to transfer etc. assets etc.

68A Permanent employees may be required to transfer etc. assets etc.

(1) In this Part—

S. 68A(1) def. of scheme of super-annuation amended by No. 27/2001 s. 5(Sch. 3 item 4.16).

scheme of superannuation means a scheme for the administration of any assets with the object of providing superannuation payments, annuities, pensions, allowances, lump sum payments or other benefits for employees or former employees or for the surviving partners, children, dependants or legal personal representatives of employees or former employees.

(2) Where permanent employees are contributors to or subject to a scheme of superannuation already established, they may be required in accordance with the regulations—

(a) to transfer, assign, hand over or pay (as the case requires) to the Board all or any part of the assets administered under the scheme;

(b) to have their benefits under this Act reduced in proportion to benefits they receive or are entitled to receive under the scheme.

S. 68B inserted by No. 9400 s. 16.