77Provision relating to change of employment

77 Provision relating to change of employment

(1) If a person to whom section 76 applies ceases to be an employee of a water authority so as to become an employee of another water authority, subject to section 22, the person becomes from the date of commencement of employment with the other water authority a member of the Water Industry Superannuation Fund with a resignation benefit and a deferred retirement benefit entitlement calculated in accordance with subsection (2).

(2) The resignation benefit and deferred retirement benefit entitlement to the date of becoming a member of the Water Industry Superannuation Fund under this section are to be calculated in accordance with the State Employees Retirement Benefits Act 1979 and certified by an actuary appointed by the trustees of the Water Industry Superannuation Fund after having been translated into the corresponding benefit entitlements under the governing instrument of the Water Industry Superannuation Fund.

(3) From the date of becoming a member of the Water Industry Superannuation Fund under this section a person is entitled to receive benefits as a member of the Water Industry Superannuation Fund.

S. 78