Document ID: chunk:federal_register_of_legislation:F2011C00466:reg:141:p1
Version: federal_register_of_legislation:F2011C00466
Segment Type: reg
Provision Reference: reg 141 (pt 1/15)
Character Range: 27377–30211

141      Omit the section.

Schedule 5 Modification — Employees of, and holders of statutory offices in, Australian Postal Corporation, Australian Telecommunications Corporation, and Australian and Overseas Telecommunications Corporation
(regulations 8, 9 and 9A)

Part IX, Division 3:

 Substitute for Division 3 of Part IX the following Division:

            "Division 3 Transfers to approved superannuation schemes

"131 Interpretation

 "In this Division, unless the contrary intention appears:
approved superannuation scheme means:
 (a) Australia Post Superannuation Scheme; and
 (b) Telecom Superannuation Scheme.
assets has the same meaning as it has in Division 2 of Part XII.
investment assets of the Fund means the assets of the Fund or of CSC arising out of, or otherwise connected with, the exercise or proposed exercise by CSC of its power to invest moneys of the Fund.
investment liabilities of the Fund means liabilities of the Fund or of CSC arising out of, or otherwise connected with, the exercise or proposed exercise by CSC of its power to invest moneys of the Fund.
liabilities has the same meaning as it has in Division 2 of Part XII.

"132 Loss of entitlements to benefits — eligible employees transferring to an approved superannuation scheme

 A person in respect of whom regulation 8 or 9 of the FEE Regulations applies is not entitled to be paid any benefits under this Act, as a former eligible employee, otherwise than on again becoming an eligible employee.

"133 Transfer of assets from Fund to approved superannuation schemes

 "(1) There is transferred in accordance with subsection (2) to the person or body administering an approved superannuation scheme:
 (a) assets of the Fund (including investment assets of the Fund) determined by the Minister, with the consent of CSC, to be assets that fairly and equitably represent the accumulated contributions of persons referred to in section 132 to whom section 126A applies by reason of their becoming members of that superannuation scheme; and
 (b) liabilities (if any) (including investment liabilities of the Fund) determined by the Minister, with the consent of CSC, to be liabilities relating to those assets.

 "(2) For the purposes of subsection (1), the transfer of assets, and of liabilities (if any) relating to those assets, takes effect:
 (a) at such times; and
 (b) in respect of such assets;
as the Minister, with the consent of CSC, determines.

 "(3) CSC must do all things necessary, as manager of the assets of the Fund, to give effect to a determination of the Minister under subsection (2).

 "(4) A determination of the Minister for the purposes of paragraph (1) (a) or (b) or subsection (2) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

"134 Payments by Commonwealth to