Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in subitem 25(1) or (3) as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions relating to remuneration must not be less favourable than those that applied to the person immediately before the person's transfer time.

The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of service as an RBA employee or an ISC employee up to the person's transfer time, as if those benefits had accrued in respect of the person's position as an APRA employee.

The person's service as an APRA employee is taken, for all purposes, to have been continuous with the person's service, immediately before the person's transfer time, as an RBA employee or an ISC employee.

The person is not entitled to receive any payment or other benefit merely because he or she stopped being an RBA employee or an ISC employee as a result of this Part.

This item does not prevent the terms and conditions applying to the person as an APRA employee being varied (including by omitting existing terms and conditions or adding new terms and conditions) after the person's transfer time:

in accordance with those terms and conditions; or

by or under a law, award, determination or agreement.