SGIC (Sale) Act 1995

A transferred employee to whom this clause applies is taken, for the purposes of the Superannuation Act 1988 (but for no other purpose)—

to have continued in the employment of SGIC or the SGIC subsidiary concerned until his or her employment with the transferee company is terminated for any reason; and

to have elected to make and to have made no contribution to the State Scheme after the transfer date.

A transferred employee to whom this clause applies is, on termination of his or her employment with a transferee company for any reason other than death—

taken for the purposes of the Superannuation Act 1988 (but for no other purpose) to have retired from SGIC or an SGIC subsidiary on the date of termination of employment with the transferee company; and

entitled to a benefit under either section 34 or 27 (as may be appropriate) of the Superannuation Act 1988 as modified under subclause (6); and

in the case of a new scheme contributor—entitled to a further benefit under section 32A of the Superannuation Act 1988.

Where an old scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date, a benefit must be paid in accordance with section 38 of the Superannuation Act 1988 (as modified under subclause (6)).

Where a new scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date, a benefit must be paid in accordance with section 32 of the Superannuation Act 1988 (as modified under subclause (6)).

Where a new scheme contributor who is a transferred employee and who has reached the age of 55 years as at the transfer date dies after the transfer date while in the employment of a transferee company, a further benefit must be paid pursuant to section 32A of the Superannuation Act 1988.

For the purposes of subclauses (2), (3) and (4)—

the item FS wherever appearing in sections 32(3) and 34 of the Superannuation Act 1988 has the following meaning—

the item FS wherever appearing in sections 27, 32(2), 32(3a), 32(5), and 38 of the Superannuation Act 1988 has the following meaning—

section 32(3a)(a)(i)(B) of the Superannuation Act 1988 applies as if amended to read as follows—

an amount equivalent to twice the amount of the contributor's actual or attributed salary (expressed as an annual amount) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company; and

section 34(5) of the Superannuation Act 1988 applies as if amended to read as follows—

The amount of a retirement pension will be the amount calculated under this section or 75% of the contributor's actual or attributed salary (expressed as an amount per fortnight) immediately before the transfer date adjusted to reflect changes in the Consumer Price Index from the transfer date to the date of termination of the contributor's employment with the transferee company (whichever is the lesser).; and

the expressions transfer date and transferee company in the above provisions have the same meanings as in this Schedule.