Superannuation
30 Superannuation
An existing staff member who accepts an offer of employment made by the trustee may elect, no later than 2 months after the commencement day, to transfer the transfer amount to a complying superannuation fund.
The transfer amount and the terms and conditions that apply in respect of the transfer are to be determined by the Minister administering the State Superannuation Act 1988.
The Victorian Superannuation Board must pay out of the State Superannuation Fund to the relevant complying superannuation fund the transfer amount less any tax required to be paid under the Income Tax Assessment Act 1936 of the Commonwealth.
If an existing staff member who accepts an offer of employment made by the trustee—
elects not to transfer a transfer amount to a complying superannuation fund under subsection (1); or
fails to make an election in accordance with subsection (1)—
the existing staff member is deemed, for the purposes of the State Superannuation Act 1988, to have resigned from his or her employment with an employing authority within the meaning of that Act on the expiry of the period of 2 months beginning on the commencement day.
For the purposes of the Superannuation (Portability) Act 1989, an existing staff member to whom subsection (4) applies is entitled by virtue of this section to elect to make an application in accordance with section 5 of that Act.
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