76Provisions relating to certain water authorities

76 Provisions relating to certain water authorities

transfer date means 17 June 1996 or such earlier date as is specified in the agreement;

water authority means—

(a) the Melbourne Water Corporation;

(b) City West Water Ltd;

(c) South East Water Ltd;

(d) Yarra Valley Water Ltd.

(2) On the transfer date an employee of a water authority who immediately before the transfer date is a contributor to the State Employees Retirement Benefits Fund is transferred to the Water Industry Superannuation Fund.

(3) Despite the transfer of a member under this section to the Water Industry Superannuation Fund—

(a) the member is entitled to receive the same benefits that he or she would have been entitled to receive had he or she not been so transferred; and

(b) the member is entitled to have his or her rights and obligations determined in accordance with the State Employees Retirement Benefits Act 1979 (other than section 67) as in force immediately before that transfer.

(4) For the purposes of subsection (3) the trustees of the Water Industry Superannuation Fund have in respect of a member the duties and powers conferred on the Board by or under the State Employees Retirement Benefits Act 1979 (other than section 67) as in force immediately before the transfer.

(5) With the approval of the Minister, the Board must enter into an agreement with the trustees of the Water Industry Superannuation Fund which specifies—

(a) the liability of the State Employees Retirement Benefits Fund up to the date of transfer in respect of the entitlements of transferred members as determined by an actuary appointed by the Board; and

(b) the value of assets of the State Employees Retirement Benefits Fund equal to the liability of the State Employees Retirement Benefits Fund under paragraph (a) that are to be transferred to the Water Industry Superannuation Fund; and

(c) the terms and conditions which apply to the transfer of these assets to the Water Industry Superannuation Fund.

(6) If agreement cannot be reached before 1 June 1996, the Minister may determine the matters specified in subsection (5) or which are in dispute and the Board and the trustees of the Water Industry Superannuation Fund are deemed by virtue of this subsection to have entered into an agreement containing the matters determined by the Minister.

(7) The Board must transfer the assets specified in the agreement to the Water Industry Superannuation Fund.

(8) As soon as the assets specified in the agreement have been transferred the assets form part of the Water Industry Superannuation Fund.