SAAMC Fund members transferred to BSAL
5 SAAMC Fund members transferred to BSAL
An employee who—
is a member of the SAAMC Fund; and
is transferred to a position in the employment of BSAL, is, on a day fixed by the Treasurer by order in writing, taken to have become a member of the BSAL Fund if not already a member of that Fund.
As soon as practicable after the day referred to in subclause (1), the trustee of the SAAMC Fund must transfer the value of the employee's accrued benefit in the SAAMC Fund (as determined by the trustee), together with such additional amount as may be determined by SBSA, to the BSAL Fund for the benefit of the employee.
On the transfer of the amount or amounts under subclause (2)—
the trustee of the SAAMC Fund is discharged from its obligations as trustee of the SAAMC Fund in respect of the employee concerned; and
the employee ceases to have any entitlement to a benefit from the SAAMC Fund.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.