Superannuation Act 1922

The Board shall make a determination for the purposes of this Part only after receiving advice in writing from an actuary.

Where, in pursuance of this Part, the Board has power to make a determination in relation to a matter, the power shall be construed as including a power, exercisable in the like manner and subject to the like conditions (if any), to vary a determination so made.

In furnishing advice to the Board in relation to the determination by the Board, for the purposes of section 109 or section 110, of the number of units of pension that were equivalent to an amount refunded to a person from a Public Service Superannuation Fund, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including:

the age of the person at the date on which he became a contributor;

whether the person has made an election under section 24;

the respective rates of mortality, invalidity and withdrawal from the Fund that are assumed, for the purposes of the advice, to apply in relation to the class of contributors in which the person is included; and

the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund.

For the purpose of any advice to be furnished to the Board by an actuary in relation to the determination of the number of units of pension that were equivalent to an amount refunded to a person from a Public Service Superannuation Fund, the amount so refunded shall be treated as if it were increased by an amount equal to two and one‑half times that amount.