Adjustment of accounts and reserves for interest etc
16 Adjustment of accounts and reserves for interest etc
STC shall, from time to time, adjust each of the accounts and reserves established under this Part at a rate fixed by STC, having regard to the income of the Fund and the earnings, as determined by STC, of any asset portfolio or portfolios in which the accounts or reserves or parts of them are treated as being invested and such other matters as STC considers relevant.
STC may, for the purpose of adjusting a contributor’s or former contributor’s account before paying out the balance at credit in the account, fix a rate for that purpose only.
In adjusting accounts or reserves under this section, STC may fix different rates for accounts or reserves, or parts of accounts or reserves, that are treated as being invested in different asset portfolios.
For the purpose of adjusting accounts and reserves, STC may allocate any income of the Fund, or any losses, as being attributable to a particular asset portfolio or portfolios, as it thinks fit.
This Act’s bill:Explanatory memorandum
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