Transfer to initial default fund of existing members and related assets
22 Transfer to initial default fund of existing members and related assets
The Actuary must, by notice to the Minister and the Board, determine the transfer assets, being the amount of the assets of the Fund that the Actuary considers represents – the benefits of the transferring members immediately before the transfer date; and the proportion, of the reserves of the Fund, that relates to the Tasmanian Accumulation Scheme.
The Minister may, in writing, direct the Board to transfer to the initial default fund, with effect from the transfer date –all transferring members; and the transfer assets.
If the Board is given a direction under subsection (2), the Board must – transfer to the initial default fund, with effect from the transfer date, all transferring members; and transfer to the initial default fund, with effect from the transfer date, the transfer assets; and do all things necessary to effect the transfers.
This Act’s bill:Explanatory notesSecond reading speech
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