Sch 1BTransfer of certain members of the Electricity Industry Superannuation Scheme to the State Scheme

Schedule 1B—Transfer of certain members of the Electricity Industry Superannuation Scheme to the State Scheme In this Schedule, unless the contrary intention appears— contributory lump sum schemes means Divisions 2 and 4 of the Electricity Industry Superannuation Scheme providing for contributions by members and lump sum benefits for members; Division 4 of the Electricity Industry Superannuation Scheme means the division of the Scheme formerly known as the "R.G. Scheme"; Electricity Industry pension scheme means Division 3 of the Electricity Industry Superannuation Scheme providing for pension benefits; Electricity Industry Superannuation Board includes a subsequent trustee of the Electricity Industry Superannuation Scheme; Electricity Industry Superannuation Scheme means the ETSA Contributory and Non-Contributory Superannuation Schemes continued in existence as the Electricity Industry Superannuation Scheme by clause 3 of the Electricity Industry Superannuation Scheme Trust Deed appearing at the end of Schedule 1 of the Electricity Corporations Act 1994; relevant day means the day on which the approval of the Treasurer ceases to be required for the variation or replacement of the Rules of the Electricity Industry Superannuation Scheme; State Scheme means the scheme of superannuation established by this Act; Trustee means the Electricity Industry Superannuation Board and includes subsequent trustees of the Electricity Industry Superannuation Scheme. Part 2—Transfer of members 2—Transfer of existing pensioners before the relevant day (1) The Treasurer may, by notice to the Electricity Industry Superannuation Board and the South Australian Superannuation Board under clause 7 before the relevant day, transfer a person who is in receipt of a pension under the Electricity Industry Superannuation Scheme from that scheme to the State Scheme. (2) A person transferred under subclause (1)— (a) is entitled to a pension under this Act which, at the time of transfer, is of equivalent value to the pension he or she was receiving immediately before the transfer; and (b) except in the case of a person entitled to a derivative benefit, will be taken to be an old scheme contributor; and (c) in the case of a person who is entitled to a derivative benefit, will be taken to derive the benefit from an old scheme contributor. (a) an old scheme contributor referred to in subclause (2) dies before the expiration of 3 years after he or she first became entitled to a pension under the Electricity Industry Superannuation Scheme; or (i) referred to in subclause (2) who is entitled to a derivative benefit; or (ii) who is entitled to a derivative benefit from an old scheme contributor referred to in paragraph (a), dies before the expiration of 3 years after the contributor from whom the benefit was derived— (iii) first became entitled to a pension under the Electricity Industry Superannuation Scheme; or (iv) died while still in employment without ever becoming entitled to such a pension, and— (c) in the case referred to in paragraph (a), no one is entitled to a derivative benefit under this Act in respect of the contributor; or (d) in the case referred to in paragraph (b), all derivative entitlements have ceased before the expiration of that period, the contributor's estate is entitled to a lump sum equivalent to— (e) if paragraph (c) applies—the aggregate of the pension payments that the contributor would have received between the date of death and the third anniversary of the commencement of the pension if he or she had survived; or (f) if paragraph (d) applies—the aggregate of the pension payments that the contributor from whom the benefit was derived would have received between the date when the derivative entitlement, or the last of the derivative entitlements, ceased and the third anniversary of the commencement of the pension (or the date of the contributor's death) if the contributor had survived during that period, (the lump sum will be determined on the assumption that the pension will not be adjusted under section 47 during that period). (4) If a person who is transferred under this clause was, immediately before the transfer, entitled to commute a part, or the whole, of his or her pension under the Electricity Industry Superannuation Scheme, he or she is entitled to commute the whole or a part of the pension in accordance with this Act within a period that terminates— (a) when the period for commutation under the Electricity Industry Superannuation Scheme would have terminated; or (b) at the expiration of 3 months after the transfer, whichever is the later. (5) An amount equivalent in value to that part of the Scheme assets of the Electricity Industry Superannuation Scheme that is attributable to the membership of the Scheme of a person transferred to the State Scheme under this clause, or of the contributor from whom a person transferred to the State Scheme under this clause derives benefits, (to be determined by an actuary appointed by the Treasurer) must be paid by the Trustee from the Scheme assets to the Treasurer. (6) The Treasurer must pay into the South Australian Superannuation Fund a contribution reflecting the amount paid to the Treasurer under subclause (5). 3—Transfer of existing and future pensioners after the relevant day (1) After the relevant day, the Treasurer may, at the request of the Trustee, enter into an agreement with the Trustee under which a person or persons referred to in subclause (2) may be transferred from the Electricity Industry Superannuation Scheme to the State Scheme. (2) The following persons may be transferred pursuant to an agreement under subclause (1): (a) a person who is in receipt of a pension under the Electricity Industry Superannuation Scheme; (b) a person who is a member of the Electricity Industry pension scheme and who is presently entitled to receive, but is not yet in receipt of, a pension following the termination of his or her employment; (c) a person who is entitled to a pension as a derivative benefit under the Electricity Industry Superannuation Scheme but who is not yet in receipt of the pension. (3) The Treasurer may, by notice to the Electricity Industry Superannuation Board and the South Australian Superannuation Board under clause 7, transfer a person from the Electricity Industry Superannuation Scheme to the State Scheme under an agreement referred to in subclause (1). (4) A person transferred under subclause (3)— (a) is, in the case of a person who was in receipt of a pension at the time of transfer, entitled to a pension under this Act which, at the time of transfer, is of equivalent value to the pension he or she was receiving immediately before the transfer; and (b) is, in the case of a person referred to in subclause (2)(b) or (c), entitled to a pension under this Act which, at the time of transfer, is of equivalent value to the initial pension that he or she would have received if he or she had not been transferred; and (c) except in the case of a person entitled to a derivative benefit, will be taken to be an old scheme contributor; and (d) in the case of a person who is entitled to a derivative benefit, will be taken to derive the benefit from an old scheme contributor. (5) If— (a) an old scheme contributor referred to in subclause (4) who was in receipt of, or was entitled to, a pension at the time of transfer, dies before the expiration of 3 years after he or she first became entitled to a pension under the Electricity Industry Superannuation Scheme; or (i) referred to in subclause (4) who was in receipt of, or was entitled to, a derivative pension at the time of transfer; or (ii) who is entitled to a derivative benefit from an old scheme contributor referred to in paragraph (a), dies before the expiration of 3 years after the contributor from whom the benefit was derived— (iii) first became entitled to a pension under the Electricity Industry Superannuation Scheme; or (iv) died while still in employment without ever becoming entitled to such a pension, and— (c) in the case referred to in paragraph (a), no one is entitled to a derivative benefit under this Act in respect of the contributor; or (d) in a case referred to in paragraph (b), all derivative entitlements have ceased before the expiration of that period, the contributor's estate is entitled to a lump sum equivalent to— (e) if paragraph (c) applies—the aggregate of the pension payments that the contributor would have received between the date of death and the third anniversary of the commencement of the pension if he or she had survived; or (f) if paragraph (d) applies—the aggregate of the pension payments that the contributor from whom the benefit was derived would have received between the date when the derivative entitlement, or the last of the derivative entitlements, ceased and the third anniversary of the commencement of the pension (or the date of the contributor's death) if the contributor had survived during that period, (the lump sum will be determined on the assumption that the pension will not be adjusted under section 47 during that period). (6) If a person who is transferred under this clause was, immediately before the transfer, entitled to commute a part, or the whole, of his or her pension under the Electricity Industry Superannuation Scheme, he or she is entitled to commute the whole or a part of the pension in accordance with this Act within a period that terminates— (a) when the period for commutation under the Electricity Industry Superannuation Scheme would have terminated; or (b) at the expiration of 3 months after the transfer, whichever is the later. (7) An amount equivalent in value to that part of the Scheme assets of the Electricity Industry Superannuation Scheme that is attributable to the contributions (and the interest and other income and other accretions arising from investment of those contributions) to the Scheme of a person transferred to the State Scheme under this clause who was in receipt of, or entitled to, a pension at the time of transfer, or of the contributor from whom a person transferred to the State Scheme under this clause derives benefits, (to be determined by an actuary appointed by the Treasurer) must be paid by the Trustee from the Scheme assets to the Treasurer. (8) The Treasurer must pay into the South Australian Superannuation Fund a contribution reflecting the amount paid to the Treasurer under subclause (7). (9) An amount equivalent in value to the aggregate value of the employer components of benefits payable under this Act to, or in respect of, persons transferred under this clause (to be determined by an actuary appointed by the Treasurer) must be paid by the Trustee from the Scheme assets of the Electricity Industry Superannuation Scheme to the Treasurer. 4—Transfer of persons entitled to preserved benefits (1) The Treasurer may, by notice to the Electricity Industry Superannuation Board and the South Australian Superannuation Board under clause 7 before the relevant day, transfer a person referred to in subclause (2) from the Electricity Industry Superannuation Scheme to the State Scheme. (2) A person who— (a) is a member of the Electricity Industry pension scheme or either of the contributory lump sum schemes; and (b) is entitled to preserved benefits in the relevant scheme; and (c) is not accruing benefits under any other division of the Electricity Industry Superannuation Scheme, may be transferred under this clause. (3) After the transfer— (a) a person who had been a member of the Electricity Industry pension scheme will be taken to be an old scheme contributor under this Act; and (b) a person who had been a member of either of the contributory lump sum schemes will be taken to be a new scheme contributor under this Act. (4) The South Australian Superannuation Board must open a contribution account in the name of each person transferred under this clause and must credit to the account an amount equivalent to the amount standing to the credit of the person's contribution account in the Electricity Industry Superannuation Scheme immediately before the transfer. (5) An amount equivalent to the aggregate of the amounts credited to contribution accounts under subclause (4) must be paid by the Trustee from the Scheme assets of the Electricity Industry Superannuation Scheme to the Treasurer. (6) The Treasurer must pay into the South Australian Superannuation Fund a contribution reflecting the amount paid to the Treasurer under subclause (5). (7) If— (a) a person who was a member of the Electricity Industry pension scheme before being transferred to the State Scheme under subclause (1) or the spouse or eligible child of such a person is entitled to a pension under section 39(5), the pension will— (i) in the case of a retirement pension or an invalid pension payable to the person—be equivalent to his or her notional pension; (ii) in the case of a pension payable to a spouse or eligible child—be determined in accordance with section 38 on the basis that the person's notional pension as defined in subclause (8) is the notional pension referred to in section 38; (b) the estate of a person referred to in paragraph (a) is entitled to a lump sum under section 39(5)(e) or (f), the lump sum will— (i) if section 39(5)(e) applies—be the amount stated in section 39(8a); (ii) if section 39(5)(f) applies—be the aggregate of the following amounts: (A) an employee component (to be charged against the person's contribution account) equivalent to the amount standing to the credit of that account; and (B) an employer component being an amount equivalent to 1.8 times the employee component. (8) In subclause (7)— notional pension in relation to a person means the pension that the person would have been entitled to receive under the Electricity Industry pension scheme if he or she had become entitled to receive that pension immediately before being transferred to the State Scheme adjusted to reflect changes in the Consumer Price Index from the date on which the person was transferred; spouse means a person referred to in section 38(1a). (9) A person who was a member of either of the contributory lump sum schemes before being transferred to the State Scheme under subclause (1) will (or, if the person has died, the spouse or estate of the person will) be entitled to a lump sum under section 28(2) that is the aggregate of the following amounts: (a) an employee component (to be charged against the person's contribution account) equivalent to the amount standing to the credit of that account; and (b) the person's notional employer component adjusted to reflect changes in the Consumer Price Index from the date on which the person was transferred. (10) In subclause (9)— notional employer component in relation to a person means the employer component that the person would have been entitled to receive under the contributory lump sum scheme if he or she had become entitled to receive that component immediately before being transferred to the State Scheme. 5—Transfer of certain other persons (1) The Treasurer may, with the consent of the person, by notice to the Electricity Industry Superannuation Board and the South Australian Superannuation Board under clause 7, transfer a person who is a member of the Electricity Industry Superannuation Scheme and who also falls within the definition of employee in section 4 from that scheme to the State Scheme. (2) After the transfer— (a) a person who had been a member of the Electricity Industry pension scheme will be taken to be an old scheme contributor under this Act; and (b) a person who had been a member of either of the contributory lump sum schemes will be taken to be a new scheme contributor under this Act. (3) The South Australian Superannuation Board must open a contribution account in the name of each person transferred under this clause and must credit to the account an amount equivalent to the amount standing to the credit of the person's contribution account in the Electricity Industry Superannuation Scheme immediately before the transfer. (4) An amount equivalent to the aggregate of the amounts credited to contribution accounts under subclause (3) must be paid by the Trustee from the Scheme assets of the Electricity Industry Superannuation Scheme to the Treasurer. (5) The Treasurer must pay into the South Australian Superannuation Fund a contribution reflecting the amount paid to the Treasurer under subclause (4). (6) An amount equivalent in value to the aggregate value of the employer components of those parts of benefits payable under this Act to, or in respect of, persons transferred under this clause that are attributable to contributors' employment up to the time of transfer (to be determined by an actuary appointed by the Treasurer) must be paid by the Trustee from the Scheme assets of the Electricity Industry Superannuation Scheme to the Treasurer. (7) The Minister must attribute to each person transferred under this clause (other than a person who was immediately before the transfer a member of Division 4 of the Electricity Industry Superannuation Scheme) a number of contribution points that is sufficient— (a) to provide the person with an accrued entitlement under this Act at the time of transfer that is not less than his or her accrued entitlement under the Electricity Industry Superannuation Scheme immediately before the transfer; and (b) in the case of a person who was entitled to defined benefits under the Electricity Industry Superannuation Scheme, to ensure that the level of benefits on retirement at age 60 that the person was to be entitled to under that Scheme are maintained. (8) The Treasurer must pay into the South Australian Superannuation Fund a contribution reflecting the amount paid to the Treasurer under subclause (6) in respect of persons who were immediately before the transfer members of Division 4 of the Electricity Industry Superannuation Scheme, and the South Australian Superannuation Board must open an account under section 47B in the name of each person transferred from Division 4 and credit to each account that part of the contribution paid by the Treasurer that is attributable to the person in whose name the account has been opened. (9) In the application of Part 4 in relation to a person transferred under this clause who was, immediately before the transfer, a member of Division 4 of the Electricity Industry Superannuation Scheme— (a) the number "4.5" wherever appearing in a formula in that Part will be changed to "4.9"; and (b) the number "3.86" wherever appearing in such a formula will be changed to "4.2"; and (c) the number "420" wherever appearing in such a formula will be changed to "360". (10) Subject to an election under subclause (11), a person transferred under this clause is required to contribute at the rate of 6 per cent of salary until he or she makes an election under section 23 to contribute at some other rate. (11) A person may, within 14 days after service of a notice under clause 7(3), elect, in a manner approved by the Board, to contribute at any of the rates set out in section 23. (12) The Board may, in a particular case, extend the period of 14 days referred to in subclause (11). Part 3—General 6—Employer contributions (1) Money standing to the credit of the fund or funds referred to in clause 18A of Schedule 1 of the Electricity Corporations Act 1994 (before its repeal by the Electricity Corporations (Restructuring and Disposal) Act 1999) must be paid to the Treasurer. (2) The employer of a person who has been transferred to the State Scheme under clause 5 will be taken to have entered into an arrangement with the Board under section 5. (3) The terms of the arrangement will be determined by the Treasurer after consultation with the employer. 7—Notices (1) The Treasurer may serve notice on the Electricity Industry Superannuation Board and the South Australian Superannuation Board transferring a member or members of the Electricity Industry Superannuation Scheme to the State Scheme under this Schedule. (2) The notice must— (a) be in writing; and (b) identify the member or members to whom it applies; and (c) identify the clause of this Schedule in relation to which it will operate. (3) On receipt of a notice under subclause (1), the Electricity Industry Superannuation Board must give notice to each member transferred advising him or her of the transfer. 8—Cessation of entitlements under the Electricity Industry Superannuation Scheme On the transfer of a person to the State Scheme under this Schedule, his or her entitlements under the Electricity Industry Superannuation Scheme cease. 9—Power to obtain information (1) The South Australian Superannuation Board may, from time to time, require the Electricity Industry Superannuation Board to provide it with information in its possession relating to persons transferred to the State Scheme under this Schedule. (2) Despite any other Act or law to the contrary, the Electricity Industry Superannuation Board must comply with a requirement under subclause (1). 10—Transfer effective despite Electricity Corporations Act 1994 Transfers under this Schedule have effect despite provisions of Schedule 1 of the Electricity Corporations Act 1994 as to membership of the Electricity Industry Superannuation Scheme. 11—Regulations may be made for transitional purposes (1) The Governor may, by regulation, make provisions of a transitional nature in relation to the transfer of persons under this Schedule to the State Scheme. (2) A regulation made under this clause may— (a) modify the provisions of this Act in their application to a person transferred under this Schedule; (b) operate prospectively or retrospectively from a date specified in the regulation.