16Transfer of assets to LGSS

16 Transfer of assets to LGSS

16 Transfer of assets to LGSS

(1) FTC and STC must transfer to LGSS Pty Ltd, as the trustee of the local government superannuation scheme, assets equivalent to an amount calculated in accordance with this clause in respect of the assets of the FTC or STC scheme or fund attributable in respect of the transferred members and the transferred employers covered by the local government superannuation scheme and transferred under Division 1 of Part 2.

(2) The assets are to be transferred and calculated in accordance with the transfer agreements entered into between FTC and STC with LGSS Pty Ltd, in connection with the transfer of transferred members under this Regulation.

(3) Every asset of FTC and STC in the nature of a right, entitlement, privilege, claim or chose in action against a person who is:

(a) a transferred member, or

(b) a former member of or contributor to a scheme referred to in Division 1 of Part 2, or

(c) a claimant against FTC or STC through any such member, former member or contributor,

that arises by virtue of the employment of the member, former member or contributor by a transferred employer is by this subclause transferred to LGSS Pty Ltd as the trustee of the local government superannuation scheme.

(4) Every asset of FTC and STC in the nature of a right, entitlement, privilege, claim or chose in action against a transferred employer is by this subclause transferred to LGSS Pty Ltd as the trustee of the local government superannuation scheme.

(5) In this clause, transferred employer includes a predecessor of a transferred employer.

(6) Nothing in this clause transfers a right, entitlement, privilege, claim or chose in action for the enforcement of which any proceedings were instituted before the commencement of this subclause.

cl 16: Am 10.7.1998; 1.10.1999; 28.3.2002.