National Provident Fund Restructuring Amendment Act 1991

1: Short Title and commencement
1: This Act may be cited as the National Provident Fund Restructuring Amendment Act 1991, and shall be read together with and deemed part of the National Provident Fund Restructuring Act 1990
2: Except as provided in subsections (3) (4)
3: Sections 6(2) 7 9 10 12
4: Sections 3 4 8(1) 13
1: Amendments to principal Act
2:
3:
4:
5:
6:
7:
8: Investments of existing schemes
1: This subsection substituted section 53
2: Subsection (2) subsection (1)
3: The Board is hereby authorised to amend the trust deed for any existing scheme for the purpose of ensuring that it is consistent with section 53 subsection (1)
4: Nothing in the trust deed for an existing scheme or the Superannuation Schemes Act 1989 subsection (3)
9:
10: Section 10 repealed 7 September 1990 7(3) National Provident Fund Restructuring Amendment Act 1992
11:
12:
13:
14: Amendments to
Schedule 5
1: This subsection amended Schedule 5
2: This subsection amended Schedule 5
3: This subsection amended Schedule 5
4: This subsection amended Schedule 5
5: The Board is hereby authorised to amend the trust deeds for the DBP annuitants scheme and the DBP contributors scheme for the purpose of giving effect to the amendments to Schedule 5
6: Nothing in the trust deed for the DBP annuitants scheme or the DBP contributors scheme or the Superannuation Schemes Act 1989 subsection (5)
2: Amendments to existing schemes and validations
15: Board authorised to amend trust deeds for certain existing schemes
1: Notwithstanding anything contained in the principal Act or any other Act or rule of law or the provisions of the trust deeds for the schemes,—
a: The Board is hereby authorised to make such amendments to the trust deeds for the Meat Industry Scheme and the Meat Industry-Related Trades Scheme as are necessary to empower the Board to—
i: Pay to any member who becomes redundant the amount standing to the total credit of the account of the member in the scheme in respect of contributions of the member and his or her employer plus earnings to a date that is not later than the date of payment at a rate determined by the Board, irrespective of the length of time that that person has been a member of the scheme:
ii: Include in any amount paid to a member who withdraws from the scheme earnings on the amount withdrawn to a date that is not later than the date of payment at a rate determined by the Board:
iii: Include in any amount transferred to another superannuation scheme on account of a member of the scheme earnings on the amount transferred to a date that is not later than the date of transfer at a rate determined by the Board:
b: The Board is hereby authorised to make such amendments to the trust deed for the Pension National Scheme as are necessary—
i: To empower the Board to pay to any member who becomes redundant a benefit not exceeding the amount standing to the total credit of the member in the scheme:
ii: In the event of a member electing to leave his or her total credit in the scheme on ceasing to be engaged by an employer, to authorise the full total credit of the member to be left in the scheme and attract interest in accordance with the provisions of the scheme until a benefit becomes payable under the terms of the scheme.
2: No amendment may be made by the Board under subsection (1) of this section unless has
3: Where the Board amends the trust deed for such a scheme in accordance with this section—
a: The trust deed shall be deemed to have been amended on the date on which it was executed; and
b: The terms and conditions of the scheme as it existed on the 1st day of June 1981 shall be deemed to have been amended to the same effect on the 1st day of June 1981— and any payments made by the Board and any action taken by the Board in accordance with the trust deed or the terms and conditions of the scheme as so deemed to have been amended shall be deemed to be and always to have been valid.
4: Without limiting subsection (3) Section 15(2) amended 1 May 2011 section 82 Financial Markets Authority Act 2011
16: Validation in relation to old public schemes
Where the Board has prepared and executed a trust deed for an old public scheme in accordance with Part 4