South Australia regulation

Superannuation (Transfer of Electricity Industry Members) Regulations 2017

In ForceSA

Jurisdiction

South Australia

Collection

regulation

Plain English Summary

3/10 complexity

These regulations set the rules for transferring Section A contributors from the Electricity Industry Superannuation Scheme (EISS) into the State Scheme. Transferred members must receive benefits and options equivalent to those they had under EISS, and the same terms continue to apply after transfer. An actuary (appointed by the Treasurer) must calculate the assessed amount the Trustee must pay to the Treasurer for a transfer, taking into account any commuted pension and the member’s total benefits. The Act is modified as necessary and the 2002 regulations are revoked.

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Current sections

Direct links to the current provisions in Superannuation (Transfer of Electricity Industry Members) Regulations 2017.

Superannuation (Transfer of Electricity Industry Members) Regulations 2017

South Australia Superannuation (Transfer of Electricity Industry Members) Regulations 2017 under the Superannuation Act 1988

Contents 1 Short title 2 Commencement 3 Interpretation 4 Entitlements of Provident Account Section A Contributor 5 Employer component of contribution on transfer of member to State Scheme 6 Modification of Act Schedule 1—Revocation of Superannuation (Transfer of Electricity Industry Members) Regulations 2002 Legislative history

1—Short title These regulations may be cited as the Superannuation (Transfer of Electricity Industry Members) Regulations 2017. 2—Commencement These regulations come into operation on the day on which they are made. 3—Interpretation In these regulations— Act means the Superannuation Act 1988; EISS means the Electricity Industry Superannuation Scheme; Section A Contributor means a contributor to Section A of the Provident Account established in Part V of Division 3 of the Rules of EISS. 4—Entitlements of Provident Account Section A Contributor (1) A Section A Contributor who is transferred to the State Scheme under clause 5(1) of Schedule 1B of the Act is entitled, on ceasing service, to benefits and options equivalent to those that would have been available if the contributor had remained in EISS. (2) The terms and conditions applicable to a Section A Contributor's entitlements after the contributor becomes a member of the State Scheme are the same terms and conditions applicable to the contributor's entitlements under EISS immediately prior to the contributor's transfer to the State Scheme. 5—Employer component of contribution on transfer of member to State Scheme (1) If a person is transferred from EISS to the State Scheme under clause 3(1) of Schedule 1B of the Act, an actuary must, in determining the assessed amount, take into account— (a) the amount of any commuted pension paid to the person; and (b) the total amount of benefits the person is entitled to receive if the person does not commute the whole or part of the person's pension. (2) In this regulation— assessed amount means the amount to be paid by the Trustee from the Scheme assets to the Treasurer under clause 3(9) of Schedule 1B of the Act, as determined by an actuary appointed by the Treasurer. 6—Modification of Act The Act is modified to the extent necessary to give effect to these regulations. Schedule 1—Revocation of Superannuation (Transfer of Electricity Industry Members) Regulations 2002 The Superannuation (Transfer of Electricity Industry Members) Regulations 2002 are revoked. Legislative history Notes • For further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au. Principal regulations Year No Reference Commencement 2017 244 Gazette 8.8.2017 p3503 8.8.2017: r 2

Source text

Sourced from South Australian Legislation (legislation.sa.gov.au), CC BY 4.0.

1 Superannuation (Transfer of Electricity Industry Members) Regulations 2017

South Australia Superannuation (Transfer of Electricity Industry Members) Regulations 2017 under the Superannuation Act 1988

1—Short title These regulations may be cited as the Superannuation (Transfer of Electricity Industry Members) Regulations 2017. 2—Commencement These regulations come into operation on the day on which they are made. 3—Interpretation In these regulations— Act means the Superannuation Act 1988; EISS means the Electricity Industry Superannuation Scheme; Section A Contributor means a contributor to Section A of the Provident Account established in Part V of Division 3 of the Rules of EISS. 4—Entitlements of Provident Account Section A Contributor (1) A Section A Contributor who is transferred to the State Scheme under clause 5(1) of Schedule 1B of the Act is entitled, on ceasing service, to benefits and options equivalent to those that would have been available if the contributor had remained in EISS. (2) The terms and conditions applicable to a Section A Contributor's entitlements after the contributor becomes a member of the State Scheme are the same terms and conditions applicable to the contributor's entitlements under EISS immediately prior to the contributor's transfer to the State Scheme. 5—Employer component of contribution on transfer of member to State Scheme (1) If a person is transferred from EISS to the State Scheme under clause 3(1) of Schedule 1B of the Act, an actuary must, in determining the assessed amount, take into account— (a) the amount of any commuted pension paid to the person; and (b) the total amount of benefits the person is entitled to receive if the person does not commute the whole or part of the person's pension. (2) In this regulation— assessed amount means the amount to be paid by the Trustee from the Scheme assets to the Treasurer under clause 3(9) of Schedule 1B of the Act, as determined by an actuary appointed by the Treasurer. 6—Modification of Act The Act is modified to the extent necessary to give effect to these regulations. Schedule 1—Revocation of Superannuation (Transfer of Electricity Industry Members) Regulations 2002 The Superannuation (Transfer of Electricity Industry Members) Regulations 2002 are revoked. Legislative history Notes • For further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or . Principal regulations Year No Reference Commencement 2017 244 Gazette 8.8.2017 p3503 8.8.2017: r 2