State Bank (Corporatisation) Act 1994

An employee of BSAL who, immediately before becoming an employee of BSAL, was a State Scheme contributor, may continue as a State Scheme contributor during the interim period.

The Treasurer must, by order in writing, specify arrangements under which the employees of BSAL may continue as State Scheme contributors during the interim period and the Treasurer may, at any time, with the agreement of BSAL, vary the order by further order in writing.

An order under subclause (2) is taken to be an arrangement between the Superannuation Board and BSAL under section 5(1) of the Superannuation Act 1988 and, as such, may modify the provisions of that Act as authorised by section 5(1a) of that Act.

The following provisions apply in relation to any arrangement under section 5(1) of the Superannuation Act 1988 between the Superannuation Board and SBSA or BSAL (including an order under subclause (2)):

no such arrangement may have an effect that is inconsistent with the provisions of this Schedule;

no variation of such an arrangement may have an effect that is inconsistent with the provisions of this Schedule;

despite section 5(3) of the Superannuation Act 1988, no declaration may be made under that provision that benefits will cease accruing to State Scheme contributors in respect of employment with SBSA or BSAL.

At any time during the interim period, an employee of SBSA or BSAL who is a State Scheme contributor may elect, by notice in writing to the Superannuation Board, that benefits under the Superannuation Act 1988 cease accruing in respect of the State Scheme contributor and that either—

his or her accrued superannuation benefits under the Superannuation Act 1988 will be preserved; or

his or her accrued superannuation benefits under the Superannuation Act 1988 will be carried over to a complying superannuation fund nominated by him or her.

On the making of an election under subclause (5)(a), the State Scheme contributor—

is taken, for the purposes of the Superannuation Act 1988 (but for no other purpose), to have resigned from his or her employment and to have elected under section 28 or 39 of that Act (whichever may apply to the contributor) to preserve his or her accrued benefits; and

if not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—

in the case of an employee of SBSA—a member of the SAAMC Fund; or

in the case of an employee of BSAL—a member of the BSAL Fund.

On the making of an election under subclause (5)(b), a payment must be made as if it were a benefit under the Superannuation Act 1988 on behalf of the State Scheme contributor to a complying superannuation fund nominated by the contributor of an amount calculated in accordance with clause 8.

On a payment being made under subclause (7), the State Scheme contributor—

ceases to be a State Scheme contributor; and

if not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—

in the case of an employee of SBSA—a member of the SAAMC Fund; or

in the case of an employee of BSAL—a member of the BSAL Fund; and

ceases to have any further entitlement under the Superannuation Act 1988.

Subject to subclause (10), at the end of the interim period, an employee referred to in subclause (5) who has not made an election under that subclause—

ceases to accrue benefits under the Superannuation Act 1988; and

is taken, for the purposes of the Superannuation Act 1988 (but for no other purpose), to have resigned from his or her employment and to have elected under section 28 or 39 of the Superannuation Act 1988 (whichever may apply to the contributor) to preserve his or her accrued benefits; and

if not already a member of the SAAMC Fund or BSAL Fund, is taken to have become—

in the case of an employee of SBSA—a member of SAAMC Fund; or

in the case of an employee of BSAL—a member of the BSAL Fund.

Where at the end of the interim period an employee referred to in subclause (5) who has not made an election under that subclause is receiving a disability pension under section 30 or 36 of the Superannuation Act 1988, subclause (9) only applies to that employee on the day after the disability pension ceases, but does not apply at all where the disability pension ceases on or immediately before the termination of the employee's employment on the ground of invalidity.