128A   Mobility between public sector schemes and EISS and LGSS

(1)  In this section:

electricity industry superannuation scheme means the scheme established under a trust deed entered into by the Treasurer and Energy Industries Superannuation Scheme Pty Ltd, as trustee.

local government superannuation scheme means the scheme established under a trust deed entered into by the Treasurer and LGSS Pty Ltd, as trustee.

transfer option means a right conferred by subsection (2) or (3).

(2)  An employee who:

(a)  is a member of or contributor to an STC scheme by reason of employment with a prescribed public sector employer, and

(b)  subsequently transfers employment to an employer that is responsible for the payment of benefits in respect of the electricity industry superannuation scheme or the local government superannuation scheme, and

(c)  meets the eligibility requirements of regulations made under subsection (4),

      has a right to transfer from the STC scheme to the electricity industry superannuation scheme or the local government superannuation scheme, as the case may be.

(3)  An employee who:

(a)  in accordance with regulations made under section 128 or 128B, or by the exercise of an option under this Act or any Act establishing an STC scheme, has transferred from an STC scheme to the electricity industry superannuation scheme or the local government superannuation scheme, and

(b)  subsequently transfers employment from an employer that is responsible for the payment of benefits in respect of either of those schemes to a prescribed public sector employer, and

(c)  meets the eligibility requirements of regulations made under subsection (4),

      has a right to transfer from either the electricity superannuation industry scheme or the local government superannuation scheme to an STC scheme of which the employee was previously a member or to which the employee previously contributed.

(4)  Regulations may be made for or with respect to eligibility to exercise a transfer option, and for or with respect to:

(a)  prescribing public sector employers for the purposes of subsections (2) (a) and (3) (b), and

(b)  defining, for the purposes of subsections (2) (b) and (3) (b), the circumstances in which a transfer of employment is taken to have occurred, and

(c)  prescribing or providing for the determination of:

(i)  the manner and form in which, and the time within which, a transfer option may be exercised, and

(ii)  the terms and conditions on which membership of the scheme to which a person transfers under a transfer option is available, and

(d)  the transfer of assets and liabilities (relating to the person concerned) of the scheme from which a person is transferred under a transfer option to the scheme to which the person is so transferred, and

(e)  the rights and obligations of a person exercising a transfer option, and of any associated beneficiaries, in respect of the person’s membership of or contributions to the scheme from which the person is transferred under the option, and in particular:

(i)  the preservation or deferral of a benefit in that scheme, and

(ii)  the calculation of any benefit so preserved or deferred, and

(iii)  the payment of any such benefit to the scheme to which the person is transferred, and

(f)  providing for the resolution, by a prescribed authority or person, of all or any prescribed class of disputes concerning the entitlements or obligations of a person exercising a transfer option or any associated beneficiary and arising under the scheme from which the person is transferred under the option, and

(g)  liability for payment of employer contributions, benefits, insurance premiums or other employer superannuation liabilities payable during any period, or in respect of any period, during which a transfer option may be exercised (whether or not that option is exercised).

(5)  Regulations made for the purposes of subsection (4) (e) that make provision for or with respect to preserving or deferring a benefit in the scheme from which a person exercising a transfer option is transferred may provide for the payment of such a benefit in spite of any minimum qualifying period of membership or of making contributions, or other limitation prescribed by that scheme, that would otherwise prevent or restrict the preservation or deferral of benefits in it.

(6)  Regulations made under this section with respect to a transfer option may confer the option on an employee whose transfer of employment (as referred to in subsections (2) (b) and (3) (b)) took place before the regulation took effect.

(7)  This section has effect despite any provision of an Act under which an STC scheme is constituted or of the trust deeds constituting the electricity industry and local government superannuation schemes.