South Australian Consolidated Acts South Australian Consolidated Acts (1) Subject to
subsection (2), the Board may enter into arrangements with—
(a) an
instrumentality or agency of the Crown; or
(b) a
prescribed authority, body or person,
under which the employees of that instrumentality, agency, authority, body or
person become eligible to apply to be accepted as contributors.
(1a) An arrangement
under subsection (1) may modify the provisions of this Act in their
application to, or in relation to, employees to which the arrangement relates
but not so as to put those employees in a more advantageous position than
other contributors.
(1b) An arrangement
may be varied at any time by agreement between the Board and the
instrumentality, agency, authority, body or person.
(2) An arrangement
under subsection (1) is not effective unless its terms are approved by
the Minister.
(2a) Where an
instrumentality or agency of the Crown that has entered into an arrangement
with the Board under this section ceases to be an instrumentality or agency of
the Crown, the Minister may by written notice to the Board and to the former
instrumentality or agency of not less than one month—
(a)
declare that benefits will cease accruing to contributors in respect of their
employment with the former instrumentality or agency; and
(b) vary
the terms of the arrangement in such manner as he or she thinks fit.
(3) Subject to
subsection (4), an instrumentality or agency of the Crown or an
authority, body or person who has entered into an arrangement with the Board
under this section (whether before or after the commencement of the
Superannuation (Scheme Revision) Amendment Act 1992 ) may, by written
notice to the Board of not less than one month, declare that benefits will
cease accruing to contributors in respect of employment with the
instrumentality, agency, authority, body or person.
(4) A declaration
cannot be made under subsection (3)—
(a)
without the approval in writing of a majority of those persons who—
(i)
are contributors by virtue of the arrangement; and
(ii)
are currently employed by the instrumentality, agency,
authority, body or person; and
(b)
unless the Board has given its approval to the declaration.
(5) Before giving its
approval under subsection (4)(b), the Board must have obtained from an
actuary an actuarial assessment of the account (if any) established to meet
the employer component of benefits that have accrued to employees of the
instrumentality, agency, authority, body or person under this Act.
(6) When giving its
approval under subsection (4)(b), the Board must be satisfied on the
basis of the actuary's assessment that the amount standing to the credit of
the account will be sufficient to meet the employer component of benefits.
(7) The following
provisions apply on the cessation of the accrual of benefits under
subsection (2a) or (3):
(a)
those contributors currently employed by the instrumentality, agency,
authority, body or person who are of or over the age of 60 years will be taken
for the purposes of this Act to have retired from employment; and
(b)
those contributors currently employed by the instrumentality, agency,
authority, body or person who have not reached the age of 60 years will be
taken for the purposes of this Act to have resigned from employment; and
(c)
section 28 or 39 (as the case requires) applies to and in relation to a
contributor referred to in paragraph (b) despite the fact that he or she
is of or over the age of 55 years; and
(d) a
contributor referred to in paragraph (b) who has elected to preserve his
or her benefits is not entitled to them (except on account of incapacity)
until—
(i)
he or she has reached the age of 55 years and has ceased
to be employed by the instrumentality, agency, authority, body or person; or
(ii)
he or she has reached the age of 60 years.