South Australia

   Superannuation (Transfer of Electricity Industry Members)
   Regulations 2002

   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

   Legislative history

   1--Short title

   These regulations may be cited as the Superannuation (Transfer of
   Electricity Industry Members) Regulations 2002.

   2--Commencement

   These regulations are to be taken to have come into operation on 1 July
   2001.

   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 to the contributor if he or she had remained in EISS.

   (2) The terms and conditions applicable to a Section A Contributor's
   entitlements after he or she becomes a member of the State Scheme are
   the same terms and conditions applicable to the contributor's
   entitlements under EISS immediately prior to his or her transfer to the
   State Scheme.

   5--Employer component of contribution on transfer of member to State
   Scheme

   (1) Where a person who is in receipt of a pension under EISS is
   transferred to the State Scheme under clause 2(1) of Schedule 1B of the
   Act, the assessed amount consists of--

   (a) a component determined on the basis of the relevant member's
   contributions and investment earnings on those contributions; and

   (b) a component equivalent to the full actuarial value of the employer
   share of all benefits paid or payable on or after the date of transfer
   in relation to the person or any other person entitled to a derivative
   benefit.

   (2) In determining the value of benefits paid or payable under
   subregulation (1), an actuary must 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
   he or she does not commute the whole or part of his or her pension.

   (3) Where 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
   he or she does not commute the whole or part of his or her pension.

   (4) The contribution to be paid by the Treasurer to the South
   Australian Superannuation Fund under clause 2(6) of Schedule 1B of the
   Act does not include the component of the assessed amount referred to
   in subregulation (1)(b).

   (5) In this regulation--

   assessed amount means the amount to be paid by the Trustee from the
   Scheme assets to the Treasurer under clause 2(5) or 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.

   Legislative history

   Notes

   o For further information relating to the Act and subordinate
   legislation made under the Act see the Index of South Australian
   Statutes.

   Principal regulations

   Year
       No
          Reference
                                 Commencement
   2002
       134
          Gazette 27.6.2002 p2742
                                 1.7.2001: r 2