Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p31
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 31/34)
Character Range: 204463–207275

quash.

92. After Part XII of the Principal Act the following Parts are inserted:

"PART XIII—TRANSFERS TO APPROVED SUPERANNUATION

SCHEMES

Interpretation

"237. In this Part, unless the contrary intention appears:

'approved superannuation scheme' means a superannuation scheme approved by the Minister under section 239;

'assets' has the same meaning as it has in Division 2 of Part XII;

'Board No. 1' means the Commonwealth Superannuation Board of Trustees No. 1 established by Part 6 of the Superannuation Act 1990;

'investment assets of the Fund' means the assets of the Fund or of the Trust arising out of, or otherwise connected with, the exercise or proposed exercise by the Trust of its power to invest moneys of the Fund;

'investment liabilities of the Fund' means liabilities of the Fund or of the Trust arising out of, or otherwise connected with, the exercise or proposed exercise by the Trust of its power to invest moneys of the Fund;

'liabilities' has the same meaning as it has in Division 2 of Part XII.

Loss of entitlement to benefits—eligible employee transferring to an approved superannuation scheme

"238. (1) Where a person who:

(a) is an eligible employee; and

(b) is employed by, or is a member of the staff of, an authority or body;

ceases, within such period as is determined by the Minister in relation to the person, to be an eligible employee because the person becomes a member of an approved superannuation scheme, the person is not entitled to be paid any benefits under this Act.

"(2) A determination of the Minister for the purposes of subsection (1) is a disallowable instrument.

Approval of superannuation schemes

"239. The Minister may approve, in writing, for the purposes of this Part, a superannuation scheme that provides benefits for persons who are employed by, or are members of the staff of, an authority or body.

Transfer of assets etc. to approved superannuation schemes

"240. (1) The Trust must, at such times as the Minister determines, transfer to the person or body administering an approved superannuation scheme:

    (a) such assets of the Fund (including investment assets of the Fund) as are determined by the Minister to be assets that fairly

    and equitably represent the accumulated contributions and accumulated employer contributions of those persons who:

(i) have become members of the approved superannuation scheme; and

        (ii) were, immediately before becoming such members, eligible employees who were employed by, or were members of the staff of, the authority or body that established the scheme; and

    (b) such liabilities (if any) (including investment liabilities of the Fund) as are determined by the Minister to be liabilities relating to those assets.

"(2) A determination of the Minister for the purposes