16AATransfer of assets relating to additional employees

16AA Transfer of assets relating to additional employees

16AA Transfer of assets relating to additional employees

(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 transferred members under Division 2 of Part 2 (additional employees).

(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 additional employees under Division 2 of Part 2.

(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) an additional employee, or

(b) a claimant against FTC or STC through any such employee,

that arises by virtue of the employment of the employee 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 the employer (or the predecessor of the employer) of an additional employee is by this subclause transferred to LGSS Pty Ltd as the trustee of the local government superannuation scheme.

(5) 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 16AA: Ins 28.3.2002.