Employees affected by privatisation of GIO and GrainCorp
10 Employees affected by privatisation of GIO and GrainCorp
This Part applies to former employees who are or were employed by New South Wales Grain Corporation Limited or GIO—
whose benefits were taken to have been preserved under Division 3A of Part 4 on the day appointed under section 10 of the NSW Grain Corporation Holdings Limited Act 1992 or on the conversion of GIO into a public company, as applicable, and
who had reached the age of 55 years on or before that day or the conversion (the deferral day), and
who had not had the benefits paid to another superannuation scheme, before the date of assent to the Superannuation Legislation (Further Amendment) Act 1993.
A former employee is entitled to elect to take the benefit of Division 3A or Division 3B of Part 4. Any such election is taken to have had effect on and from the deferral day.
A former employee is entitled to take the benefit of Division 3A or 3B of Part 4, despite any provision of those Divisions or of the Government Insurance Office (Privatisation) Act 1991, the NSW Grain Corporation Holdings Limited Act 1992 or the Statute Law (Miscellaneous Provisions) Act (No 2) 1992.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.