Existing Fund members transferred to a transferee company
2 Existing Fund members transferred to a transferee company
An employee of SGIC or an SGIC subsidiary who is a member of the Existing Fund and is transferred to a position in the employment of a transferee company is, on the transfer date, taken to have become a member of the SGIC Fund, if not already a member of that fund.
As soon as practicable after the transfer date, the trustee of the Existing Fund must pay or transfer an amount or assets equal to the value of the employee's accrued benefit in the Existing Fund (as determined by the trustee) to the trustee of the SGIC Fund and the amount paid or the value of the assets transferred must be credited to the account of the employee in the SGIC Fund.
On the payment of an amount or the transfer of assets under subclause (2)—
the trustee of the Existing Fund is discharged from its obligations as trustee of the Existing Fund in respect of the employee concerned; and
the employee ceases to have any entitlement to a benefit from the Existing Fund.
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