Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 2   Transitional provisions relating to staff

3   Terms and conditions of transferred staff

(1) APRA is to determine the terms and conditions applying to a person who becomes an APRA employee as mentioned in item 2 as if the person had actually been appointed under section 45 of the APRA Act. The terms and conditions of employment must not be less favourable than those that applied to the person immediately before the agreed date.

(2) The person is entitled to retain, as an APRA employee, all the benefits that had accrued to the person in respect of his or her length of State or Territory service up to the agreed date, as if those benefits had accrued in respect of the person's position as an APRA employee. For this purpose, the person's State or Territory service is:

(a) the person's service as a State or Territory employee; and

(b) the person's other service (if any) that, immediately before the person becoming an APRA employee, counted as service under the terms of that person's employment as a State or Territory employee.

(3) The person's service as an APRA employee is taken, for all purposes, to have been continuous with the person's service, immediately before the agreed date, as a State or Territory employee.